Sacramento Kings Ownership History
From Hoopedia
The Sacramento Kings begin their eighth season under the ownership efforts of the Maloof family, which took over control of the Kings and ARCO Arena on July 1, 1999. The Maloofs succeeded Jim Thomas, who had owned the franchise since April 6, 1992.
The Maloof family’s interest in purchasing the Kings, Monarchs (WNBA), and ARCO Arena originated in 1997 when they contacted Thomas regarding the availability of the teams and arena. On January 14, 1998, the Maloofs completed the purchase of a minority limited partnership in the organization’s franchises and ARCO Arena. On January 15, 1999, the Maloofs subsequently purchased controlling interest, effective July 1, 1999. The NBA Board of Governors unanimously approved the ownership transfer on May 7, 1999, in New York, at which time the Board of Governors appointed Joe Maloof to the Board.
The Kings franchise made its NBA debut in 1948 as the Rochester Royals under the ownership of Les Harrison. Harrison also served as the club’s head coach for the first seven seasons, and in 1951 he guided the Royals to the first and only NBA World Championship title in franchise history. The team was moved to Cincinnati in 1957 where one year later it became a public corporation. In 1966, brothers Max and Jeremy Jacobs purchased the club and maintained ownership through the team’s move to Kansas City in 1973.
A group of 10 Kansas City-based businessmen purchased the club in 1973 for an excess of $5 million. The same group held proprietorship through May of 1982 when ownership was restructured so that only three partners remained, Leon Karosen, H. Paul Rosenberg, and Robert J. Margolin. Three months later, three New York-based businessmen joined the Kansas City ownership group.
On June 8, 1983, the Kings were sold to a local business group that is responsible for bringing NBA basketball to the Capitol City, as Joseph Benvenuti, Frank and Gregg Lukenbill, Bob A. Cook, Frank McCormick, and Stephen H. Cippa purchased the Kansas City Kings for approximately $10.5 million. In January of 1985, the group petitioned the NBA Board of Governors for permission to move the franchise to Sacramento. Nine months later, the Kings’ Sacramento-era began as the club played its first-ever contest before a sold out crowd at the temporary ARCO Arena site.
Twenty-two NBA seasons later, the club continues to play before large crowds in an ARCO Arena building constructed by the Lukenbill-Benvenuti ownership group.
