The Maloof family owns numerous business properties in the Western United States. The origin of the family name is Maalouf and is of Levantine descent; the family is Lebanese via their paternal grandfather. The Maloofs are the owners of the Sacramento Kings of the NBA (and their home stadium, Power Balance Pavilion, formerly known as ARCO Arena). The family consists of George J. Maloof, Sr., his wife Colleen, and their children: Adrienne Maloof-Nassif, Joe Maloof, Gavin Maloof, George J. Maloof, Jr., and Phil Maloof.
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The family owns a sports franchise in the Sacramento, California market—the NBA's Sacramento Kings. They 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.
In 1994 the Maloof family bought the Fiesta Hotel in Las Vegas for $8 million, selling it in 2000 for over $185 million. The money was reinvested into the creation of The Palms hotel and casino.
The Maloofs have expanded their business ventures into entertainment with the creation of Maloof Productions and Maloof Music. The primary focus of Maloof Productions is on developing and producing film and television projects. Through its television division, Maloof Television, they have produced the reality series Bullrun for Spike TV[1] in 2007, Speed Channel[2] in 2009, and Living Lohan, the E! reality series running in 2008.[3] They are currently developing Rebuilding the Kingdom with Reality Television Producer Mark Burnett.[4]
The film division, Maloof Motion Pictures, produced the 2006 film Feast and is currently developing The Big Biazarro, starring Pierce Brosnan.[5]
Maloof Music, which is a joint venture deal with Interscope/Geffen Records/A&M Records and Maloof Productions, is currently working with singer Ali Lohan.
The Maloof Money Cup is a premiere showcase for professional and amateur skateboarding founded in 2008 by Joe and Gavin Maloof. The Orange County dates of the festival include the US Pro Men's and Women's Street Championships, the US Pro Vert Championships, and the Maloof Money Cup AM Championships. The Maloof Money Cup added a New York date in spring 2010 and will be adding a South Africa date in fall 2011.
In addition to their gaming business, the Maloofs had exclusive proprietorship rights to the distribution of Boston Beer Company, Coors, Corona, Guinness, Heineken, Miller, Red Bull, and Tecate products throughout New Mexico. They sold Maloof Distributing in 2010 to Admiral Beverage Corporation.
The Maloof Companies are one of the largest single shareholders in Wells Fargo Bank.
The family consists of George J. Maloof, Sr., his wife Colleen, and their children:
Phil Maloof, a New Mexico state senator in the late 1990s, ran unsuccessfully against Heather Wilson for New Mexico's 1st congressional district in 1998.
Albert Maloof Sr., a cousin of George J. Maloof, Sr., is best known for his distribution empire in the Southeastern United States.
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.
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.[7]
In late 2010 the Maloof family began negotiating with officials in Anaheim, California in an effort to move the NBA 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, 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.[8]
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.
The plan for the Entertainment and Sports Complex (ESC), as of July 2011, is for it to be built on the former railyard site in downtown Sacramento. Funding mechanisms will be disclosed on or about September 8, 2011 and are expected to include a variety of methods including User Fees on events and products sold at the ESC. It is to be expected to be a public-private partnership. Parking garages within 1/8th of a mile of the proposed ESC are to be sufficient for ESC parking with over 8000 unused spaces. Preferred parking in the form of a garage next to the ESC may be requested by the primary tenant and will add to the cost. Public transportation will be available as well. Current information can be found at http://www.thinkbigsacramento.com, the official website with all reports and public information.
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