The Maloof Brothers have sold their 30% ownership interest in the Las Vegas Golden Knights to Bill Foley, the majority owner and chair of the NHL team since its inception in 2017. The billionaire founder of Foley Family Wines has acquired the stake from George, Gavin, Joe, and Phil Maloof. The transaction does not include Adrienne Maloof, who will continue as a limited partner with the franchise.

Foley expressed his gratitude to the Maloof family for their contributions to the organization as minority owners. He credited them for their role in bringing NHL hockey to Las Vegas and their commitment to the city as a viable major professional sports market. This move comes after the Maloofs’ previous ownership of the NBA’s Sacramento Kings from 1998 to 2013.

The Maloofs were instrumental in bringing professional hockey to Las Vegas after meeting with NHL commissioner Gary Bettman. This led to their introduction to Foley, who ultimately funded the $500 million expansion fee for the Golden Knights. As the team’s minority owners, the Maloofs played a pivotal role in the franchise’s early success, including reaching the Stanley Cup Finals in their first season and ultimately winning the championship in 2023.

Apart from sports, the Maloof family has a notable history in the casino industry. They opened Fiesta Rancho in North Las Vegas almost 30 years ago and later sold the property to Station Casinos to finance the construction of the Palms. After an ownership transition and the Great Recession, Red Rock Resort, Station Casino’s parent company purchased the Palms in 2016.

The Maloofs’ recent sale of their ownership interest in the Golden Knights is reflective of their ongoing involvement in diverse business ventures, from sports to the casino industry. As the team continues its journey in the NHL, the Maloof family’s contributions to bringing professional hockey to Las Vegas and their ongoing involvement in the city’s business landscape will be remembered.

By admin

Related Post