The Sacramento Kings blasted this press release today. I don’t think it will have much impact on the team per se, but during a time where the future of the franchise is up in the air, you certainly don’t want to see many more changes. The Maloofs will take over his duties, so don’t expect a whole lot to change – for the time being…..
John Thomas Resigns as President of the Sacramento Kings
SACRAMENTO, CALIF., Mar. 23, 2010 – John Thomas, President of the Sacramento Kings, is resigning effective April 2, 2010, Maloof Sports & Entertainment announced today.
Thomas is leaving for personal family reasons.
“We want to thank John for everything he has done for us since we came to Sacramento. He’s been an important leader on our team,” said Joe and Gavin Maloof, owners of the Kings.
“Ten years is longer than most NBA Presidents get to serve. I want to thank the Maloof family and my extended Kings family of co-workers and fans for the privilege. I’m very excited about the future,” said Thomas.
Thomas has 20 years of major league sports executive experience in basketball, baseball and hockey. He began his role with Maloof Sports & Entertainment in 1999. Prior to joining the Kings, he was an executive with the Houston Rockets and Comets.
Thomas has been an active member of the Sacramento community, serving on the Boards of Directors of the Sacramento Convention & Visitors Bureau and the Sacramento Metro Chamber, as well as Valley Vision’s Leadership Council and the NBA’s Team Advisory Committee (TAC).
About Maloof Sports and Entertainment:
Maloof Sports & Entertainment includes the Sacramento Kings (NBA) and ARCO Arena. Led by Joe and Gavin Maloof, and owned by the Maloof family with long-term, local partners, the organization is committed to the community in Sacramento and to making a positive, meaningful difference in the lives of families in need in the Sacramento region. Maloof Sports & Entertainment has donated more than $17 million to charities in 10 years of Maloof family ownership. For more information about Maloof Sports & Entertainment, please visit kings.com, arcoarena.com or call 916-928-0000.
March 24th, 2010 at 4:38 am
Well considering the woefully inept play of the team and their ongoing problems financially . There’s only so much that the Maloofs could do. This is the right move and what they’ll then have to do is to do is to look for a more enthusiastic and insightful GM and President. Especially one that is business oriented. Far too often that’s not the case with many of the franchises around the NBA .
March 24th, 2010 at 5:12 am
Once again I apologize ! One more thing what’s the ongoing situation concerning the Kings and Arco Arena ?
And also you like chappy have to be overjoyed about the Warriors’ situation and their impending sale ?
March 24th, 2010 at 5:42 pm
It’s not a huge deal, but my sources tell me there’s some other moves going down behind the scenes. I think they’ll be okay though. I am, however, ecstatic about the Warriors impending sale.
March 24th, 2010 at 5:54 pm
If Ellison as chappy is suggesting is willing to pay over $300 million for the Warriors then he’s crazy ! They’re worth no more than $250 -$275 million at best. They’re carrying debt and they’ve not showing a profit for the fiscal year .
chappy seems to think that because Ellison has got someone in there to look over the books that derive the true cost of the franchise. He’s obviously not that well acquainted with the business world. The books won’t tell the whole story with regard to the Warriors as a business concern.
Glib And Clueless As Usual ….
How Low Can You Go …..Or To Be More To The Point How Low Can It Get ?
Let me know what you think of the following two pieces ? In order to view just click on the links shown.
As and when you’re ready I’ll look forward to reading your comments.
March 24th, 2010 at 8:37 pm
When I commented on your blog I was at work, and instead of pasting the link for some reason it pasted what I already said… Anyways, this past summer Ellison offered $315M for the team. Cohan only owns 80% of the team, so he wouldn’t get that full amount. Anyways, my point is, that this is the only offer that has been reported anywhere I’ve read. So, since I’m not good at all these financial things, I’m just going off what has been reported. Here’s a couple of the links that say the same thing I just said…
March 25th, 2010 at 7:24 am
Going to Bleacherreport ? Isn’t that like consulting with the guys at Fox News and asking them for their opinions on the Democrats and Obama ? C’mon now ?
If you consider that to be reliable source then you might have well used a ouija board . They merely speculate by scouring other more viable news sources.
Of course there’ll be multiple offers to buy the team
and a lot of the time much of that is actually created by the seller and their agent as in this case with Galiaoto Sports . They try to create the buzz in order to start what they hope may well become a bidding war.
Simply put the Warriors aren’t being part of a bidding war at this present moment in time. What are the real assets in that particular crown to begin with ? Its roster ?
March 25th, 2010 at 8:51 am
Well, there’s numerous sources that have reported the same damn thing. I also put a link in there for San Jose Mercury News, which is about as reliable as it gets when it comes to bay area sports news. Bleacher report was the first one that came up on in the search I ran… I’m not sure why you are so persistent on this one, since it’s been reported on multiple news outlets for about six months that $315M was the offer made by Ellison.
Anyways, the value of the team isn’t based on success or the roster. If that were the case, I’m sure they wouldn’t have let Acie Law’s expiring contract go, and would’ve traded him for a better player… I’m assuming (since you said I’m not good at this financial garbage) that their value is based on the ability to make money. The Warriors are just like the Clippers over the past couple decades. They suck and still turn a profit, because of the location, and great fanbase that continues to pay to see them. If you don’t believe me maybe you believe Forbes. Are they a knowledgeable site? Or is this just garbage too? The numbers may have changed slightly since December, but it can’t be that different… http://www.forbes.com/lists/2009/32/basketball-values-09_Golden-State-Warriors_324799.html
March 25th, 2010 at 11:36 am
Now that’s more like it ! And where did I mention that the value of a team is based on its roster ? The value of an entity is based by its deemed value when based against price in the open market if its a public entity. As in outstanding shares , assets , liabilities and then operational subordinated debts.
In the case of a private entity it’s measured against book value , revenues and the liabilities thereof.
As I stated in my previous comment Bleacher merely rehashes other pieces of information gleaned from elsewhere. As I said even if Forbes suggest that the franchise deems the Warriors worth $315m , it doesn’t make it so. For Ellison this is starting price of which he won’t go above. And it’s still too much given the entity’s (Warriors) fortunes at present and he knows it.