HereWeBoogie
Hall of Famer
Let the future officially begin!
Maloofs transfer ownership (merged)
- Thread starter HereWeBoogie
- Start date
Unparalleled?
sidney
Starter
It's true isn't it? No other ownership group of the Sacramento Kings won more than the Maloofs while they owned the team.
Maloof Family transfers ownership - official press release
MALOOF FAMILY TRANSFERS OWNERSHIP OF SACRAMENTO KINGS TO SACRAMENTO INVESTOR GROUP
--NBA Franchise Enjoyed Unparalleled Success in Sacramento Under Maloof Family Ownership--
SACRAMENTO, CALIF., May 31, 2013 – The Maloof family today announced that the agreement to sell the family’s controlling interest in the National Basketball Association’s (NBA) Sacramento Kings and ownership of Sleep Train Arena to the Sacramento investor group led Vivek Ranadive has closed escrow and is now final. The transaction valuation equates to a purchase price of over $534 million, an NBA record.
“We respect and would like to acknowledge the NBA Board of Governors’ dedication and diligence in working through this process over the past several months. On behalf of my family, I would like to thank Commissioner David Stern and the NBA staff who worked tirelessly on this transaction. I also would like to praise Mayor Kevin Johnson and the Sacramento City Council and staff for their efforts and loyalty to the Sacramento community,” said George Maloof, Kings co-owner speaking on behalf of Maloof family members Colleen, Joe, Gavin, Adrienne, and Phil. “Our family thanks Bobby Hernreich for his support throughout the years; he has been a great partner. We also thank our other partners, Bud Benvenuti, John Kehriotis, and Dave Lucchetti,” added George Maloof.
“We congratulate Vivek Ranadive and the entire Sacramento investor group for their willingness to come forward and purchase the franchise for the people of Sacramento. We are confident they will provide the stewardship necessary to continue to guide the organization to successful levels,” said George Maloof.
Joe Maloof added, “The success of the Sacramento Kings has been due largely in part to the dedication and enthusiasm of our team members, coaches, players, and fans. Since our family has owned the franchise, the people of Sacramento have warmly brought the Kings into their hearts and for that we will always be grateful. As we look forward to an exciting new chapter in our family business enterprise, we will never forget the people of Sacramento and everything they have done for the Kings organization.” The Maloof family’s 14-year tenure as majority owners of the Kings organization (family was a limited partner as well in 1998-99) is the longest in the franchise’s 65-year history. On the court, the team enjoyed its most successful Sacramento-era years under the family’s guidance, producing seven playoff-qualifying seasons, including back-to-back Pacific Division titles in 2001-02 and 2002-03 and advancement to the Western Conference Finals in 2002. During those 14 seasons, the Kings produced 555 regular season wins, including five consecutive 50-plus win seasons, and 32 post-season victories.
Off the court the franchise was triumphant as well, impacting the lives of hundreds of thousands of people throughout the Sacramento Valley by awarding and distributing more than $20 million in cash donations and in-kind gifts to charitable causes. The family’s dedication to community service earned Joe and Gavin Maloof the World Sports Humanitarian Hall of Fame’s Most Involved Executives award in 2001. The organization’s benevolence also was recognized with the Pro Team Humanitarian Award in both 2002 and 2004. Additionally, the Kings were voted #1 in the NBA for overall fan experience in 2001 and 2003 in a survey conducted every other year by J.D. Powers and Associates.
“It is extremely satisfying to know that we have positively impacted the lives of so many people over years,” states Gavin Maloof. “The building of community centers, little league fields, and basketball courts along with the donation of resources to local schools and food and clothing to families in-need and so much more leaves a lasting impression that far outweighs the wins that were experienced on the court,” states Gavin Maloof. The Maloof family also enjoyed a very successful tenure as owners of the WNBA’s Sacramento Monarchs. From 1999 to 2009 the Monarchs were a model WNBA franchise, qualifying for the league playoffs nine times, culminated by a pair of Western Conference Championships and the 2005 WNBA title.
MALOOF FAMILY TRANSFERS OWNERSHIP OF SACRAMENTO KINGS TO SACRAMENTO INVESTOR GROUP
--NBA Franchise Enjoyed Unparalleled Success in Sacramento Under Maloof Family Ownership--
SACRAMENTO, CALIF., May 31, 2013 – The Maloof family today announced that the agreement to sell the family’s controlling interest in the National Basketball Association’s (NBA) Sacramento Kings and ownership of Sleep Train Arena to the Sacramento investor group led Vivek Ranadive has closed escrow and is now final. The transaction valuation equates to a purchase price of over $534 million, an NBA record.
“We respect and would like to acknowledge the NBA Board of Governors’ dedication and diligence in working through this process over the past several months. On behalf of my family, I would like to thank Commissioner David Stern and the NBA staff who worked tirelessly on this transaction. I also would like to praise Mayor Kevin Johnson and the Sacramento City Council and staff for their efforts and loyalty to the Sacramento community,” said George Maloof, Kings co-owner speaking on behalf of Maloof family members Colleen, Joe, Gavin, Adrienne, and Phil. “Our family thanks Bobby Hernreich for his support throughout the years; he has been a great partner. We also thank our other partners, Bud Benvenuti, John Kehriotis, and Dave Lucchetti,” added George Maloof.
“We congratulate Vivek Ranadive and the entire Sacramento investor group for their willingness to come forward and purchase the franchise for the people of Sacramento. We are confident they will provide the stewardship necessary to continue to guide the organization to successful levels,” said George Maloof.
Joe Maloof added, “The success of the Sacramento Kings has been due largely in part to the dedication and enthusiasm of our team members, coaches, players, and fans. Since our family has owned the franchise, the people of Sacramento have warmly brought the Kings into their hearts and for that we will always be grateful. As we look forward to an exciting new chapter in our family business enterprise, we will never forget the people of Sacramento and everything they have done for the Kings organization.” The Maloof family’s 14-year tenure as majority owners of the Kings organization (family was a limited partner as well in 1998-99) is the longest in the franchise’s 65-year history. On the court, the team enjoyed its most successful Sacramento-era years under the family’s guidance, producing seven playoff-qualifying seasons, including back-to-back Pacific Division titles in 2001-02 and 2002-03 and advancement to the Western Conference Finals in 2002. During those 14 seasons, the Kings produced 555 regular season wins, including five consecutive 50-plus win seasons, and 32 post-season victories.
Off the court the franchise was triumphant as well, impacting the lives of hundreds of thousands of people throughout the Sacramento Valley by awarding and distributing more than $20 million in cash donations and in-kind gifts to charitable causes. The family’s dedication to community service earned Joe and Gavin Maloof the World Sports Humanitarian Hall of Fame’s Most Involved Executives award in 2001. The organization’s benevolence also was recognized with the Pro Team Humanitarian Award in both 2002 and 2004. Additionally, the Kings were voted #1 in the NBA for overall fan experience in 2001 and 2003 in a survey conducted every other year by J.D. Powers and Associates.
“It is extremely satisfying to know that we have positively impacted the lives of so many people over years,” states Gavin Maloof. “The building of community centers, little league fields, and basketball courts along with the donation of resources to local schools and food and clothing to families in-need and so much more leaves a lasting impression that far outweighs the wins that were experienced on the court,” states Gavin Maloof. The Maloof family also enjoyed a very successful tenure as owners of the WNBA’s Sacramento Monarchs. From 1999 to 2009 the Monarchs were a model WNBA franchise, qualifying for the league playoffs nine times, culminated by a pair of Western Conference Championships and the 2005 WNBA title.
Last edited:
macadocious
Starter
My Kings app just gave me a push notification of escrow closing. That was sorta cool.
You know what? You're right.
My first thought was that if unparalleled meant that they were better than the other two ownership groups we've had in Sacramento that it was a pretty low bar but I've now dialed my snark down to undetectable levels.
The Maloofs DID oversee the franchise during the best years we've ever experienced and they came to town looking to spend money and be players in the NBA. Recent revelations may have shown that they were carpetbaggers intent on moving the team and their antics over the least few years with Anaheim and then Seattle have been deplorable and disloyal. BUT they also made the Kings relevant and did a LOT of good off the court.
I'm done being angry at the Maloofs and George in particular. And I'm certainly not going to hang on to any bitterness when I look back at the Kings of 1999-2004.
Goodbye Maloofs. It's been. . . well . . . I don't know. Thrilling? Exasperating? Wonderful? Gut-wrenching? A rollercoaster is probably the most apt analogy. Fun at times but I'm glad it's over.
Last edited by a moderator:
Yeah, I like your version a lot better.
Hallama
Starter
Awesome.
ParniValjak
All-Star
Good riddance!
Let the re-birth of the Kings begin!
Let the re-birth of the Kings begin!
Glenn
Hall of Famer
I just posted in another thread that I would never type their family name again. But I do acknowledge and thank them for their charitable contributions in the region. The benefits of those contributions remain the property of Sacramento.
Yes, they were generous but sometimes generosity is done in service of the ego. In other words, it is not sincere but more to make oneself look good.
Perhaps, but in this instance I recall reading multiple times that at times they gave some large sums without publicity as well. I think they truly did do much more than necessary on that front while in Sacramento. Of course, I still think they are lying scum, but will praise them for their charity work.
What I meant was that they donated to charities and didn't put out a press release, etc., but months or a year later it would come out that they had donated the funds for a park construction, etc. It wasn't made public at the time but came out later, but not from MSE. This was YEARS ago, but I remember that they were making some donations to groups without any publicity at all.
Jose
Bench
NBA Cares = requires NBA teams to make charitable donations to meet the program's objectives. I don't know what the required commitments are per team or how the come to those requirements but I'm sure there was either a firm requirement or tremendous pressure for the Maloofs to meet certain charitable contribution objectives.
Similar threads
- Locked
