Maloof family

The Maloof family is a prominent American family based in Las Vegas, Nevada, who are owners of numerous business properties in the Western United States. The origin of the family name is Maalouf and is of Lebanese descent via their paternal grandfather.

Maloof
Current regionWestern United States
Earlier spellingsMaalouf
MembersGeorge J. Maloof Sr., Adrienne Maloof, George J. Maloof Jr.
DistinctionsEntertainment industry

Originally from New Mexico, the family's success began with the distribution rights for Coors Beer in the Southwest region of the US in 1937. The Maloofs were the owners of the Sacramento Kings of the National Basketball Association (NBA) from 1998 until 2013 and are minority owners of the Vegas Golden Knights of the National Hockey League (NHL). Notable family members include George J. Maloof Sr., Adrienne Maloof, and George J. Maloof Jr.

Sports

The family owned a sports franchise in the Sacramento, California market, the NBA's Sacramento Kings, from 1998 until 2013. In 2013 the family sold the 65% of the team they owned for $347 million to a Sacramento group, led by Vivek Ranadive, which was committed to building a new arena in downtown Sacramento that had previously been rebuked by the Maloofs.[1] The Maloofs had acquired a minority interest in the Kings in 1998 and took majority control the following year, with Joe and Gavin operating the franchise. As part of the purchase of the Kings, they also acquired the team's sister franchise in the WNBA, the Sacramento Monarchs. The Maloofs operated the Monarchs until 2009, when the WNBA was unable to find a new owner and the team folded. Prior to the sale of the team, a previous deal had been reached to sell the Kings to Microsoft CEO Steve Ballmer and investor Chris Hansen, who had hoped to move the team to Seattle. This sale was nullified on May 15, 2013, when the NBA Board of Governors denied the relocation in a vote of 22-8.[2] The Maloof family also briefly owned the Houston Rockets from 1979-1982. The Rockets made the NBA Finals in 1981. The team was sold to Charlie Thomas in 1982. The Maloofs are also the minority owners of the Vegas Golden Knights of the NHL, who made it to the Stanley Cup Finals in their inaugural season.

Las Vegas
Palms Casino Resort

In 1994, the Maloof family opened the Fiesta Rancho hotel-casino in North Las Vegas, and sold it in 2000 for over $185 million. The money was reinvested into the creation of the Palms Casino Resort hotel and casino.

The Maloofs sold their beer distribution in an unsuccessful attempt to save the Palms and Palms Towers. In 2011 a restructuring gave private equity firms TPG Capital and Leonard Green & Partners each a 49% share, leaving the Maloofs with 2% ownership.[3]

Maloof Productions

The Maloofs have expanded their business ventures into entertainment with the creation of Maloof Productions. Through its television division, Maloof Television, they have produced the reality series Bullrun for Spike TV[4] in 2007, Speed Channel[5] in 2009, and Living Lohan, the E! reality series running in 2008.[6] In 2008 the family was developing Rebuilding the Kingdom with reality television producer Mark Burnett.[7] The film division, Maloof Motion Pictures, produced the 2005 film Feast and as of 2007 was developing The Big Bizarro, starring Pierce Brosnan.[8]

Skateboarding
Joe Maloof in San Diego promoting the Maloof Money Cup

Founded in 2008 by Joe and Gavin Maloof, the Maloof Money Cup is a competition for both professional and amateur skateboarders. The Orange County, US, dates of the contest series include the US Pro Men's and Women's Street Championships, the US Pro Vert Championships, and the Maloof Money Cup AM Championships.

A spring New York date and a fall (autumn) South Africa date were added in 2010 and 2011, respectively. In 2012, the Maloofs have focused on the South African event, entitled the Maloof Money Cup World Skateboarding Championships, and canceled the Orange County event due to logistical issues.[9]

The Maloof family is also one of the main sponsors of the game Skate 3 offering a slew of different competitions

Family members

The family consists of George J. Maloof, Sr. deceased, and now headed by his wife Colleen, followed by their children:

Albert Maloof Sr., a cousin of George J. Maloof, Sr., is best known for his distribution empire in the Southeastern United States.

Criticisms

The Maloof family, especially Joe and Gavin, were under heavy fire in 2006 when they proposed building a new basketball arena in downtown Sacramento and were able to put a tax increase proposal on the fall election ballots. They wanted the taxpayers to pay for the majority of the arena instead of paying for it themselves. The proposal involved a quarter-cent sales tax hike aimed at raising $1.2 billion over the next 15 years. The city was divided between those who supported it and those who disapproved of it. There were rumors that the Maloofs were threatening to move both the Sacramento Kings and the Sacramento Monarchs to Las Vegas if they did not get a new arena. In November, voters overwhelmingly voted against the proposal.[11]

A proposal to build a new arena at Cal Expo (the State Fairgrounds) which would include an upgrade to the fairgrounds as well as retail and housing developments was presented and accepted by the Cal Expo Board of Directors on February 27, 2009 but fell apart soon after, leaving Sacramento without a new arena.[12]

In late 2010, the Maloof family began negotiating with officials in Anaheim, California in an effort to move the Kings franchise to that city, despite repeated assurances that the team would stay in Sacramento. On March 29, 2011, the City of Anaheim approved bond measures aimed at assisting the Kings move. Finally, on May 2, 2011, the NBA put a halt to the move to Anaheim, California because the current bills that were owed to the city of Sacramento, California gave the city just cause to keep them in Sacramento. In June 2011, the Maloof brothers, Joe and Gavin, (along with successful investor Ghassan El Morabit), sold majority share of the Palms to two lending companies (Leonard Green & Partners LP in Los Angeles and TPG Capital in Texas), allowing them to continue building their stadium.[13]

Upon the news of a possible relocation, Sacramento Kings launched a grassroots effort with pledges of over $800,000 to go to a new arena. This and other grassroots efforts, along with Mayor Kevin Johnson's presentation to the NBA Board of Governors, convinced the NBA to delay any relocation authorization for one year. Within this one year time frame (deadline: March 2012) a completed arena plan, with funding, must be in place. Plans were approved by the City Council in March 2012[14] and construction for the Kings' new arena, the Golden 1 Center, began on October 29, 2014[15] and it was completed prior to the start of the 2016-17 NBA Season.[16]

In February 2013, they agreed to sell the Sacramento Kings to a group led by Chris Hansen and Steve Ballmer, who promised to relocate the team to Seattle and rename them the Seattle SuperSonics. Kevin Johnson brought a group together led by Vivek Ranadive to keep the team in Sacramento. The local fan base rallied behind him in an effort to keep the team. The new ownership group was established and a deal struck with the city to build a new arena in downtown Sacramento. On May 15, 2013, the NBA Board of Governors denied the relocation bid, effectively nullifying the sale to the Seattle group. The following day, the Maloofs agreed to sell the team to the Sacramento group.

During the months leading up to the sale, the Seattle group raised their offer twice and it was reported that the Maloofs were going to refuse to sell to the Sacramento group. At one point, the Chris Hansen group had offered to buy 20% of the team with the Maloofs retaining their majority ownership, even after the Sacramento group came together with an offer. However, Sacramento continued to work directly with the NBA, and the Maloofs sale to the Sacramento group eventually went through.

gollark: Interesting!
gollark: No, He is correct in the grammatical context.
gollark: Time machines? Space machines? Spacetime machines?
gollark: Anomalies? Abstract concepts? Aardvarks?
gollark: Exciting! What do you have to sell? Smaller obelisks? Monoliths? Pocket universes? Hypercomputers?

References
  1. Bizjak, Tony (May 16, 2013). "Sacramento group, Maloof family reach deal for Kings". Sacramento Bee. Archived from the original on 2 June 2013. Retrieved 17 May 2013.
  2. Golliver, Ben (2015-05-15). "NBA Board of Governors votes to reject Kings relocation to Seattle". Sports Illustrated. Archived from the original on 7 June 2013. Retrieved 17 May 2013.
  3. "George Maloof: Little change in operations as family ownership hits 2 percent". 21 June 2011. Retrieved 25 May 2017.
  4. Martin, Denise (2006-07-30). "Reality's Fast Lane". Variety. Retrieved 2007-04-27.
  5. Arneson, Erik (2009-01-05). "Popular Bullrun Moves to SPEED for 2009". SPEEDtv.com. Archived from the original on 2011-07-24. Retrieved 2009-03-13.
  6. Thielman, Sam (2008-03-04). "E! greenlights Lohan reality show". Variety. Retrieved 2008-06-16.
  7. "Mark Burnett, Maloofs to Follow Kings". Hollywood Reporter. Archived from the original on November 22, 2008. Retrieved 2008-11-25.
  8. Fleming, Michael (2007-01-17). "Brosnan to turn Wise novel into film". Variety. Retrieved 2007-02-24.
  9. Chris Nieratko (6 February 2012). "Maloof Money Cup series returns for 2012". ESPN Action Sports. ESPN Internet Ventures. Archived from the original on 15 June 2012. Retrieved 24 September 2012.
  10. "Adrienne Maloof and Taylor Ford Armstrong rumored to be bravos last two real housewives of Beverly Hills". The Daily Truffle. Archived from the original on 2010-11-07.
  11. "Local Ballot Measure Results From November". California Planning & Development Report.
  12. http://www.calexpo.com/Html/nba_arena.asp Archived May 1, 2009, at the Wayback Machine Cal Expo
  13. "Maloofs reportedly selling controlling stake in Palms Casino". World News.
  14. "Sacramento OKs new arena plan to keep Kings". ESPN.com. Retrieved 2016-12-13.
  15. "Kings break ground on new downtown Sacramento arena". sacbee. Retrieved 2016-12-13.
  16. Newcomb, Tim. "Kings' new arena was designed with Sacramento in mind". SI.com. Retrieved 2016-12-13.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.