What do the maloof family own

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But opting out of some of these cookies may affect your browsing experience. It's not like the Maloofs couldn't use the money that would come if they sold the club. Since that Carl's Jr.

Replete with huge luxury suites and clearly aimed at the young and rich, it was a wonderful backdrop for the Vegas boom of the times. But after was And the entire nation -- not just the young and rich, not just Vegas -- felt Vegas felt it the most. The young and rich dried up, and so did The Palms. With Sacramento's arena issues in the background, the Maloofs' core business fell off hard. The Palms became a money loser -- a big one -- as financing the debt created to build that second tower became overwhelming.

Reports leaked that they were flying coach between Vegas and Sacramento. Bank stocks tanked as the financial crisis blew up, and wouldn't you know it? A huge chunk of the Maloofs' reserves were tied up in shares of Wells Fargo. This was said to be the family's new moneymaker, its blue chip. Liquor and beer don't lose in a recession. The casino and resort lost big. The bank stocks lost big. The basketball team lost big. Liquor and beer? They aren't supposed to lose. But selling the business -- the business that their father George Sr.

So the Maloofs sold it, their dad's business. Raising money from the sale of the distributorship wasn't enough to erase the massive debt piled up from the construction of the second tower, and in late the family's creditors took over the casino and resort. The Maloofs now own 2 percent of the hotel they built. Two percent. But here's the question that always stuck with those of us who pay way too much attention to all of this: if you need cash, why not sell the Kings?

There are buyers, plenty of them. It's not a revenue-generating business, and if you do it right, it may never be. When The Palms' future was at stake, having another few hundred million dollars would have helped. Even now, re-investing the money tied up in the Kings could help the Maloofs re-invent themselves. Why not sell? You see, Joe and Gavin are roughly a decade older than George Jr. In , George Sr. The Houston Rockets were up for sale.

Joe and Gavin were in their early 20s. They became integrally involved in running the team -- not just the basketball side though they were involved there , but the business side. They sat courtside every night. They fell in love with the game. George Jr. At the very least, he wasn't in any sort of leadership position with the Rockets -- he didn't get to run the team like Joe and Gavin did. Gavin, then 24, took over as president of the Rockets.

He's still the youngest team president in major American pro sports history. Joe, then 25, kept the Rockets in his portfolio, but also managed the other family businesses. George Sr. The boys and their mother, Colleen, had no such interest. The aunts particularly loathed the family ownership of the Rockets, thinking purchasing it had been George Sr.

To stave off a battle to sell off all of the business George Sr. The concession didn't stave off the aunts, though: a year later, a decade-long legal battle with the aunts began. It wasn't resolved until In 18 years as the Kings General Manager, Petrie has brought playoff basketball to the Kings franchise nine of the 18 years while at the helm. Besides the Kings playoff runs from to , Petrie assembled the team led by Mitch Richmond which lost in the first round of the playoffs to the Seattle.

Petrie started this season at. How much more can be asked of the often quiet Petrie? When the Maloofs and the management let go of Rick Adelman, they never realized how difficult it would be to replace such a clearly talented head coach. As Kings fans have been forced to suffer through the constant uncertainty of their teams future in Sacramento, and players futures have been thrown to the wind for the sake of the Maloofs avoiding financial struggles, the integrity of the game has been called into question.

In a time where the United States is in an economic crisis, people look for ways to let go of day to day problems and worries, relax and enjoy the simple things about sports. The Maloofs have taken basketball away from many in Sacramento, most of whom simply cannot bear to watch or listen anymore. More NFL Rumors ». View all NFL Sites. More NBA News ». More NBA Rumors ». View all NBA Sites. More MLB News ». More MLB Rumors ».

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