Quick question...

[TyFreak Evans]

Not intending for this to become a long, drawn-out conversation/argument, but for historical purposes (and because I truly do not have the slightest clue), can someone please tell me exactly when the previous ownership group (yeah, those idiots) assumed ownership control of the Kings? I have been given multiple answers from multiple sources. Someone has told me it was prior to the start of the 1998-1999 season, while others have told me it was even earlier than that.

Again, not intending for this to be a long, drawn-out conversation or anything, or a time to bash them any more than we already have, but I would like to know for my own personal knowledge, as I truly have no idea as to the exact timing...

 

[Section 101]

They became minority owners I think 2 years before taking majority control. They took majority control before the 1999 season.

 

[TyFreak Evans]

They became minority owners I think 2 years before taking majority control. They took majority control before the 1999 season.

Thanks, Section 101! I guess I better check my sources, because none of em were correct...

 

[Capt. Factorial]

I've actually researched this pretty extensively. My notes indicate that the Maloofs bought 24% of the team from Jim Thomas in January 1998. This deal gave the Maloofs the right to acquire (if they so desired) the shares belonging to Fox, Broad, and Gilchrist in 2000. During the '98-'99 season Thomas announced that he would sell the remainder of his shares to the Maloofs at the end of the season and the Maloofs assumed controlling interest on July 1, 1999. However, I believe they did not acquire the Fox/Broad/Gilchrist shares until January of 2000, which brought them to 53%. They basically immediately sold 10% to their friend Bob Hernreich, so from January 2000 on they owned controlling interest and 43%, Hernreich owned 10%, and the remainder was spread among Joe Benvenuti (31%), John Kehriotis (8.25%), Dave Luchetti and Bob Cook (5.75%) and the Fred Anderson family (2%).

 

[TyFreak Evans]

I've actually researched this pretty extensively. My notes indicate that the Maloofs bought 24% of the team from Jim Thomas in January 1998. This deal gave the Maloofs the right to acquire (if they so desired) the shares belonging to Fox, Broad, and Gilchrist in 2000. During the '98-'99 season Thomas announced that he would sell the remainder of his shares to the Maloofs at the end of the season and the Maloofs assumed controlling interest on July 1, 1999. However, I believe they did not acquire the Fox/Broad/Gilchrist shares until January of 2000, which brought them to 53%. They basically immediately sold 10% to their friend Bob Hernreich, so from January 2000 on they owned controlling interest and 43%, Hernreich owned 10%, and the remainder was spread among Joe Benvenuti (31%), John Kehriotis (8.25%), Dave Luchetti and Bob Cook (5.75%) and the Fred Anderson family (2%).

Wow, thanks for the details!!!

 

[sauce-26]

Correct me if im wrong, but I thought I read somewhere they had 51%? Did that happen later or were they wrong?

 

[Capt. Factorial]

Correct me if im wrong, but I thought I read somewhere they had 51%? Did that happen later or were they wrong?

The Hernreich shares (10%) were essentially controlled by the Maloofs. So the Maloofs had control of 53% even though they only owned 43%.

Reported numbers on this often varied, but the ones I quoted appear to have been the most reliable.