Sunday, April 17, 2011

Webber still hoping to help Kings stay in Sacramento

Sources indicate former Kings all-star forward Chris Webber was seen in Las Vegas talking with members of the Maloof family Saturday afternoon.

Webber did not return a phone call this weekend.

Amidst the madness and uncertainty of the Maloofs attempted Kings’ relocation to Anaheim, a meeting between Webber and family members could mean nothing, something or everything.

Webber, now a TNT NBA commentator, last week surprised many with statements regarding his desire and attempts to assist the efforts to keep the Kings in Sacramento.

Sources within the past month told Marty Mac’s World Webber had been working with a group that wanted to buy the Kings from the Maloofs.

However, the Maloofs steadfastly have insisted the franchise is not for sale. Webber’s group was unable to get a meeting with the Maloofs.

Clearly, there are more questions than answers regarding the attempted relocation. Following last week’s two-day NBA Board of Governors meeting Commissioner David Stern said the Kings deal had changed during the past few days.

That’s why the league granted the Maloofs another extension – this time May 2 – to apply for the move to Anaheim.

The NBA wants more information from the Anaheim group pursuing the Kings franchise as well from the Maloofs.

Commissioner David Stern said NBA owners have an incomplete understanding of the deal. That means the owners, who ultimately must give their majority blessing to the move, have the same understanding as you and I.

Stern indicated the league’s relocation group needed more information about potential TV revenue, any necessary upgrades to the Honda Center arena and relocation costs.

We all know the Maloofs want to move the franchise to Anaheim. We assume they believe this move will reap increased financial benefits. The common belief is the Maloofs expect a great increase from a new TV contract in a larger market.

The Maloofs have not spoken publicly about their business financial condition. If they indeed are struggling, any information of desperation only lessens any leverage they believe they possess.

Reports during the past year have suggested they are in danger of losing control of the Palms Hotel and Casino in Las Vegas.

They have denied the accuracy of those reports.

More indicative of their financial peril was the sale of their family-owned beer distributorship last year. Not only was it the foundation of their business portfolio, it was a prized possession because of ties to their father and grandfather.

Moreover, if anyone owns a beer distributorship in America, why the heck would you sell it unless somehow pressured to make that move. Even in times of depression, beer consumers find a way to get their suds.

I’ve been telling folks for months that no one truly knows the specifics of this deal. That’s because as big-time deals are concerned, this one is being thrown together.

There have been people talking two months ago about how it was a done deal the Kings were leaving. Here we are in the middle of April and that remains an uncertainty.


  1. A short time after the sale of wholesale beer and liquor distributorship the Maloofs put some of that money in the Palms for financial restructuring. The restructuring attempt failed to be successful. In Jan 2011 stock holder of the Palms had taken heavy hit on there investment and the wolfs were at the door of the Palms in the form of Leonard Green & Partners LP and TPG Capital, with the intent to take controlling entrust in the Palms. This is all still up in the air and its clear the Palms is not only in trouble, but the Maloof entrust is seriously threatened. The Maloofs owe Sacramento bond holders and also the NBA about $152-M. There franchise is worth $295-M. I’d think that credit card is maxed out. But then there are predators always reedy to jump to the aid of a sucker. The NBA may be the stabilizing influence here, seeing this is not just about a move. But another restructuring move by the Maloofs

    The Maloofs are the classic case of kids that inherited there dad’s lucrative businesses and sold them off. It’s the proverbial golden egg gone story. The Maloofs major investments now are in the entertainment industry. There involvement in the Kings and Palms had them at celebrity status for a few years and that flamed out as quickly as it came. Unfortunately, they are emotionally attached to their investments. And today left addicted and chasing that once held celebrity status.

  2. A1 hits the nail on the head. The only reason a casino is for sale is because it's LOSING MONEY. The Maloof boys decide to play big shots and are losing the family fortune piece by piece all in the name of saving the casino. They had it right before the casino and now they are the Marx Brothers of sports ownership.