Sacramento Kings attendance drop leads to layoffs

Reeling from a terrible season for the Kings, the Maloof organization announced its first-ever layoffs Tuesday.

Maloof Sports & Entertainment said it has eliminated about 1 percent of its 1,200 jobs. That translates to about a dozen jobs, though the organization wouldn't say if they were full-time workers, part-timers or both.

The owner of the Kings, Monarchs and Arco Arena was reacting to the weak economy and a dismal Kings season that produced waves of unsold tickets at Arco.

"Like all companies today – including sports teams and leagues – we are making changes in every area of our business," the organization said in a press release.

The Kings have scrambled in recent months to respond to declining revenue. The team in February was among a dozen teams borrowing money under a line of credit arranged by the National Basketball Association. The Kings wouldn't say how much they borrowed, but each team was allowed $13 million to $20 million.

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