Negotiations have also commenced regarding the establishment of an arena in Virginia Beach, Virginia, and George Maloof Jr.

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Brothers Joe, Gavin and George Maloof bought controlling interests in the franchise from Los Angeles-based developer Jim Thomas in 1999.

WSJ: Sacramento Kings Moving to Seattle to Become Reborn SuperSonics

Donald Trump is building a tower--Ivana is, too--as are actor George Clooney, veteran Strip players like Hard Rock founder Peter Morton and Palms' impresario George Maloof.

FORBES: Damn the Bubble, Let's Build a City!

Donald Trump is building a tower--Ivana is, too--as are actor George Clooney, club king Rande Gerber and veteran Strip players like Hard Rock founder Peter Morton and the Palms' impresario George Maloof.

FORBES: Damn the Bubble, Let's Build a City!