Inside The Money Laundering Scheme Of A Former Sacramento Kings Executive
ByJoey Heldon September 27, 2018inArticles›Sports News
Jeff David’s last job was as the chief financial officer of the Miami Heat. He took the position in July after leaving the Sacramento Kings in June of this year, where he held the same title. But David had some excess baggage in California that followed him across the country.
David allegedly took $13.4 million from two of the team’s top sponsors and used the money to buy beachfront property in southern California.
The former Kings executive reportedly ran a sophisticated money-laundering scheme. David, 44, siphoned $9 million from the Golden 1 Credit Union and $4.4 million from Kaiser Permanente Foundation.
Per the Sacramento Bee, David was a major figure in the Sacramento business community. When the Maloofs – the former owners of the Kings – planned to move the team to Anaheim, David helped sponsors stay put.
One of his major accomplishments? Securing a 20-year, $120 million naming rights deal with Golden 1 Credit Union in 2015.
Ezra Shaw/Getty Images
That same year, a company named Sacramento Sports Partners LLC was created. It listed David as a manager, who allegedly opened a Sacramento bank account for the company.
In 2016, he reportedly approached officials from Golden 1 with a deal: make an advanced payment on the 20-year agreement now and qualify for lower payments later.
Golden 1 made that early payment, sending $9 million into bank account created specifically for Sacramento Sports Partners. He used a similar process to collect $4.4 million from Kaiser Permanente Foundation.
In June of 2016, Sacramento Sports Partners filed an updated “statement of information” with California’s Secretary of State. The statement added Golden 1 and Kaiser Permanente as “members/managers.”
Just a month later, Sacramento Sports Partners purchased a beachfront home in Hermosa Beach, CA for $8 million. The company added $1 million more in renovations. It also purchased a Manhattan Beach condo for $3.4 million. The Hermosa Beach property later went on the market at a price of $12.5 million.
According to the Kings, on August 14, a team employee noticed a folder labeled “Turbo Tax.” The folder contained items related to Sacramento Sports Partners, LLC. The employee, not recognizing the entity, wondered why a company would be concerned with the depreciation of residences, furniture, and a golf cart.
The employee brought the folder to the attention of the Kings, launching an investigation.
David hasn’t yet had any charges filed against him. The Heat have placed him on administrative leave while the case is being investigated.
On the Miami Heat’s website, David’s bio said he “developed and managed sales and marketing strategies for the Kings’ parent company, which included a robust real estate portfolio of sports/entertainment venues, retail, office, hotel and residential projects.”
He spent 12 years working in the NBA. Previously, he served in similar financial roles with MLS’s Columbus Crew and the AVP Pro Beach Volleyball Tour.
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Mike Brown Just Doubled His Coaching Salary For The Next Three Seasons
ByJoey Heldon June 11, 2024inArticles›Sports News
Think about the last time you got a raise. Did you do anything in particular to earn it? Maybe you took on additional responsibilities, and your bosses noticed the extra work. Perhaps you nailed a big presentation and impressed a client, or you found a way to bring in new business for the company. It may have even been as simple as sticking around for long enough and getting rewarded for it.
Whatever the case may be, if it’s been a while since that raise (or if you’ve never received one), don’t get too down. Just look at Sacramento Kings head coach Mike Brown for inspiration.
The Kings offered Brown a contract extension that will run through the 2026-27 season. Starting next year, Brown will make $8.5 million—a whopping raise of $4.5 million from this season. He’ll stay at that salary for the next two seasons, as well.
Tim Nwachukwu/Getty Images
Going from $4 million to $8.5 million is an enormous leap, and it puts Brown among the top ten highest-paid coaches in the league. He’s certainly earned it in bringing the Kings franchise back to relevance.
In 2022-23, the Kings posted a 48-34 record, good enough for third in the Western Conference. Brown won NBA Coach of the Year, his second time winning the award. Unfortunately for Sacramento, the team ran into the playoff-tested Golden State Warriors, led by Stephen Curry . The Kings fell in a tough seven-game series, but there was hope on the horizon.
That playoff appearance was the first time the Kings had reached the postseason in 16 years. Since the Kings’ last trip to the playoffs, the Seattle Supersonics moved to Oklahoma City and became the Thunder. Three different presidents had finished their terms. The original Cars movie had just been released. Sixteen years is a long time!
This year, the Kings didn’t have nearly as much success despite an almost identical record. Finishing 46-36 slotted them as the No. 9 seed. Sacramento did get a bit of revenge, defeating Golden State in the play-in before losing to the New Orleans Pelicans and missing the playoffs.
Still, Brown has turned the franchise around. Their last back-to-back winning seasons were in 1998-99 and 1999-2000, and this current roster has several exciting pieces, including De’Aaron Fox , Domantas Sabonis , Malik Monk, and Keegan Murray.
It’s a good time to be a Kings fan. And it’s an even better time to be Mike Brown. Now go out and get yourself a raise, too.
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