The Maloof Brothers Net Worth & Biography
|Popular Name:||Maloof Brothers|
|Real Name:||The Maloof Family|
|Years active:||1937 to Date|
|Net Worth:||$2 Billion|
The Maloof family is a well-known family of businessmen and investors based in Las Vegas, Nevada, United States. They are the owners of numerous businesses and properties in the Western United States. Originally from New Mexico, the Maloof family found success starting from the year 1937 when it acquired the distributing rights of Coors Beer in the Southwest United States. Today, they are minority owners of the National Hockey League franchise the Vegas Golden Knights. They owned the Sacramento Kings team of the National Basketball Association from 1998 until 2013, and the most notable members of this prominent family include Adrienne Maloof, George J. Maloof Sr., and George J. Maloof Jr.
Family Origin, Members
The origin of the family name is ‘Maalouf’. It is of Lebanese descent. The family originally moved from New Mexico to Las Vegas and started their business activities in Southwest U.S.
The family consists of George J. Maloof, Sr. (now deceased), and now led by his wife Colleen, followed by their children: Joe Maloof, born on November 15, 1955, Gavin Maloof, born on October 9, 1956, Adrienne Maloof, born on September 1, 1961, George J. Maloof, Jr., born on September 2, 1964, and Phillip Maloof, born on May 16, 1967.
Albert Maloof Sr. is a cousin of George J. Maloof, Sr. He is best known for his distribution businesses and holdings in the Southeastern United States.
Professional Life: Business Interests
The Maloof family were the owners of the National Basketball Association’s Sacramento Kings from 1998 until 2013. They acquired a minority interest in the Kings in the year 1998 and completely bought the sports franchise the following year, with Gavin and Joe operating the business. As part of the purchase of the basketball team, they also laid claim to the team’s sister franchise in the WNBA, the Sacramento Monarchs. The family managed the Monarchs until 2009, when the WNBA could not find a new owner and the team folded. In 2013, the Maloofs sold its 65 percent stake for $347 million to a Sacramento group of investors led by Vivek Ranadive that was committed to building a games complex in downtown Sacramento that had earlier been rebuked by the Maloofs. Prior to the sale of the basketball outfit, a deal had been reached to sell the Sacramento Kings to Microsoft chief executive officer Steve Ballmer and investor Chris Hansen, who wanted to move the team to Seattle. This sale was invalidated on May 15, 2013, when the National Basketball Association’s Board of Governors denied the relocation in a vote of 22-8. Another basketball team that the Maloof family formerly owned was the Houston Rockets (1979-1982). During that era, the Rockets made the NBA Finals in 1981 before Charlie Thomas acquired the team in 1982. Today, the Maloofs are the minority owners of the National Hockey League’s Vegas Golden Knights who made it to the finals of the Stanley Cup in their inaugural season.
In Las Vegas, the Maloof family opened the Fiesta Rancho hotel-casino in 1994 and later sold it for over $185 million in 2000. The proceeds from that deal was reinvested into the establishment of the Palms Casino Resort hotel and casino.
The family sold their beer distribution rights in an attempt to save the Palms and Palms Towers. They were unsuccessful at this agenda. In 2011 a restructuring gave private equity firms Leonard Green & Partners and TPG Capital each a 49 percent share, leaving the Maloofs with 2 percent ownership.
Their business ventures have since been extended into the entertainment industry with the creation of Maloof Productions. Through its television department, Maloof TV, they have produced the E! reality series “Living Lohan” running in 2008, and the reality series “Bullrun” for Spike TV in 2007, and Speed Channel in 2009. As of 2008 the family was developing “Rebuilding the Kingdom” with the highly-rated reality television producer Mark Burnett. The film department of their entertainment company, Maloof Motion Pictures, produced the 2005 flick “Feast” and as of 2007, was developing the film titled “The Big Bizarro”, starring Pierce Brosnan.
Another area of interest for the Maloofs is Skateboarding. Founded in 2008 by Gavin and Joe Maloof, the “Maloof Money Cup” is a competition that is suited for both professional and amateur skateboarders. Contest series include Maloof Money Cup AM Championships, the US Pro Vert Championships, and the US Pro Men’s and Women’s Street Championships. The family is also one of the sponsors of the video game “Skate 3”, offering a slew of different competitions.
Maloof Brothers Net Worth: Salary, Income Sources, Assets
This prominent family currently owns a combined net worth of $2 billion according to the most recent estimates. They’re a successful family of business owners, with interests in the sports and entertainment industry, primarily based in Las Vegas, Naveda, in the United States.