Tuesday, December 8, 2009
Note: This was written before the Day 19 announcement
Hope still springs eternal on the Monarchs coming back to the WNBA in some form. Meanwhile, the Maloofs appear to have bigger problems than just the Monarchs - they might be getting out of the basketball business for good:
From, of all places, the New Mexico Politics with Joe Monahan blog:
But they are long gone from that list and the Great Recession is reshaping their empire and their lives. The Maloofs recently sold the Sacramento Monarchs, a team in the Women's National Basketball Association. And word is growing louder that the family's once-high flying NBA franchise--the Sacramento Kings--will soon go up for sale. Sports insiders say a struggling NBA franchise like the Kings can lose $30 million a year.
The Maloof's New Mexico Coors business is also being put up for sale. It looks like the word is that "Everything Must Go" except for the Maloofs gambling empire.
(Also: If the Kings were losing $30 million a year, it makes ownership of a WNBA franchise look like an act of absolute genius. I hope that is a gross loss and not a net loss!)
It could be that the Maloofs tried to hold on to everything as long as possible before panic set in and the "great sell off" began. If the Maloofs knew what was coming, they should have at least given notice before the end of the season so that other investors could be found. If there's anything the Maloofs should be blamed for, this is it.