Maloof Family Business Background
The Maloof family built a diversified business empire spanning hospitality, real estate, and sports ownership. The family patriarch, George J. Maloof Sr., established the foundation through hotel and casino operations, and his sons expanded the portfolio into major league sports and commercial real estate. Their core holdings include the Palms Casino Resort in Las Vegas and a network of properties across the United States, with a documented focus on asset management and private equity deals Forbes.
The Maloofs are widely recognized for their role in the National Basketball Association as former controlling owners of the Sacramento Kings. Their ownership tenure included a high-profile relocation attempt to Seattle and Anaheim before the franchise was sold to a new ownership group led by Vivek Ranadivé. The sale process highlighted the family's exit from NBA operations while maintaining their broader business interests outside professional sports Forbes.
Sacramento Kings Ownership and Sale
The Maloof family acquired controlling interest in the Sacramento Kings in 2000, operating the franchise through Maloof Sports & Entertainment. During their tenure, the team remained in Sacramento while the family pursued multiple relocation proposals, including a bid to move the team to a new arena in Anaheim, California. The NBA Board of Governors ultimately rejected the relocation plans, and the Maloofs agreed to sell the team in 2013.
Vivek Ranadivé led a group that purchased the Kings for a reported 535 million dollars, ending the Maloof family's direct ownership of the franchise. The sale was finalized after NBA owners approved the transaction, with the new ownership group committing to keep the team in Sacramento and fund a new arena. The transaction remains a notable case study in NBA franchise sales and relocation attempts NBA.com.
Current Maloof Business Ventures
After exiting the Kings, the Maloof family continued to operate in real estate, hospitality, and private equity through Maloof Companies. The Palms Casino Resort in Las Vegas underwent a major renovation and rebranding under new management while retaining the Maloof name in its history. The family has also maintained involvement in commercial real estate development and investment vehicles focused on Western U.S. markets Forbes.
The Maloof family's current portfolio includes hotel and casino properties, real estate holdings, and private equity investments, with a continued emphasis on Las Vegas and California markets. Their business approach relies on asset acquisition, renovation, and management rather than public equity markets. The family's legacy in sports and hospitality remains documented through business profiles and industry coverage of their ongoing ventures SEC EDGAR.