Maloofs Could Lose Out On NBA Money If Kings Move
SACRAMENTO (CBS13) -- A new deal designed to support small market NBA teams could be announced within days, and the owners of the Sacramento Kings would be on the wrong side of the incentive if they decide to move the team to Anaheim.
Within days of the extended NBA deadline to file for relocation, Commissioner David Stern may unveil a small market revenue sharing deal that smaller teams have been waiting for.
The Maloof brothers' money problems have been widely reported, but the Maloofs family wealth is likely fine, thanks to near 5 million shares of Wells Fargo stock they received in a 2000 acquisition. The stock was worth about $100 million at the time, it split in 2006 and would be worth more than $300 million today.
The brothers' own fabulous wealth flaunted in commercials is a myth, according to one source in Sacramento's City Hall.
Unlike the NBA's new era of billionaire owners like Mikael Prokhorov, Paul Allen, and Mickey Arrison -- who can use their team's financial losses as tax deductions -- the Maloofs need the Kings to earn money to stay in the basketball business.
Moving to Anaheim would give them millions more in TV revenue, but at what cost? They have to pay off a $75 million debt to Sacramento and would suddenly be left out of a small market revenue sharing deal.
The final Kings game this season is Wednesday, and the official relocation deadline is Monday.
