Sunday night news broke that the Maloof family have agreed to terms to sell the majority of the Sacramento Kings. The deal will most likely take the Kings to Seattle.
The Maloof family and minority owner Bob Hernreich have reached an agreement to sell its 65 percent stake in the NBA’s Sacramento Kings to a group led by Seattle hedge-fund manager Chris Hansen and Microsoft CEO Steve Ballmer, the NBA announced Monday.
The Maloof family is probably known as much for owning the Palms casino as they are for owning the Kings. Since they owned both properties wagering on the Sacramento Kings at Palms wasn’t possible due to potential conflict of interest between businesses.
When the Maloof family sold the majority of Palms to TGP Partners this banished the Boston Celtics from their sportsbook since TGP has interest in Caesars Entertainment. In this deal for the Sacramento Kings the Maloof family will still have a tiny ownership of the Kings which means that the Nevada Gaming Commission will likely see that there is still a potential conflict of interest.
Don’t expect to see the Sacramento Kings available for wagering at Palms until the Maloof family totally divests its entire stake from the Kings or Palms. In other words don’t look for any Sacramento Kings action at Palms any time soon.