The Maloof family, the owners of the Sacramento Kings, are retaining only 2% ownership of the Palms Hotel and Casino, the family's primary source of wealth.
Their stake in the Palms has direct relevance to its stewardship of the Kings. While the two are operated as separate companies, the Maloofs' overall financial health affects how much money the family can plow into the Kings as the team enters a crucial offseason.
After operating this past year with the NBA's lowest payroll – and threatening to move the team to Anaheim – the Maloofs say they are committed to turning the Kings around. City leaders and the NBA also expect the Maloofs to contribute financially in some way to construction of a new arena.
The family's finances have been under a microscope the past several months as the Kings flirted with Anaheim and the Palms struggled with its debts.