The Maloofs, owners of the Sacramento Kings, have completed the sale of all but 2 percent of their shares of The Palms Hotel. The Maloofs owed their creditors $400 million dollars and sold it to creditors to clear the debt.
The new majority owners are two investment firms that held the resort’s debt, Leonard Green & Partners and TPG Capital.
The Palms resort opened 10 years ago in Las Vegas. George Maloof will continue to run the Las Vegas property and the Maloofs have the opportunity to up their share to 19.5%
I bet they want to season to start soon. The NBA board of Governors denied the Maloofs bid to move to Anaheim but one of the casualties of the lockout might be some of the sponsors that had come on board for a new arena in Sac. I bet the Maloofs will revisit the move again.
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