Sacramento Kings' Maloof Family Loses Majority Control Of Palms Casino

The Maloof family, who own the Sacramento Kings, has lost majority control of the Palms Casino and Hotel in Las Vegas, according to the Wall Street Journal. In a debt restructuring, the Maloofs' ownership stake in the popular hotel dropped from 85 percent to 10 percent. The Palms is seen as the Maloof family's main business; the family sold its long-held and reportedly lucrative beer and spirits distributorship in New Mexico -- the foundation of the family business -- in 2009.

In April, the Maloofs attempted to relocate the Kings to Anaheim, blaming failed attempts to get a new arena built in Sacramento. The NBA worked with Sacramento city officials and business leaders to reboot a local arena attempt, and after three months of relocation rumors, the Maloofs announced they would stay in Sacramento for one year to try to work out a plan.

The Maloofs have repeatedly insisted that they are not interested in selling the Kings, and -- despite reports of massive debt issues leading up to today's news regarding the Palms -- maintain they are in good financial standing. But if that's a bluff and the money problems continue, the Kings are the last major business they can cash out in. (The family is a substantial shareholder in Wells Fargo, as well.)

For more on the Kings, visit Sactown Royalty and SB Nation Bay Area.

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