Thursday, April 2, 1998 | 6:59 a.m.
THEY WERE so close to buying the team they actually talked about it publicly, as if it would momentarily be theirs.
It seemed an exciting investment, owning an up-and-running yet still-developing franchise in the National Hockey League. For Las Vegas brothers George and Gavin Maloof, the Tampa Bay Lightning was appealing and within their sights just a year ago.
But the deal, which included the Lightning's home arena, the 1996-constructed Ice Palace, fell through when the Maloofs got a closer look at the franchise's books.
Now Forbes magazine refers to the seven-year-old Lightning as "the most leveraged team in sports." And Sports Illustrated this week called Tampa Bay "the worst-run franchise in sports."
For the Maloofs, who have since purchased the Sacramento Kings of the National Basketball Association, their fling with the Lightning was mercifully short-lived.
"We pursued that team for eight months," said Gavin Maloof, "but once we got to our due diligence, we realized it wasn't right for us after all. When we saw what all the numbers added up to, there was no light at the end of the tunnel."
There still isn't. The Lightning remains for sale and appears hopelessly in debt.
Published reports have that debt at $100 million, with the franchise considering bankruptcy and the NHL weighing a league takeover. There are also problems with the Internal Revenue Service.
"There was no upside," Maloof said of purchasing the franchise and the arena, a combination which initially went on the market for $230 million but has since been reduced to $167 million in an effort to attract a bidder, any bidder.
While Maloof called the arena "enticing" and said "that's sort of what lured us in," it became less attractive when packaged with a team that may be ready to fold. At the root of the Lightning's troubles could be its absentee owner, mystery man Takashi Okubo.
A Japanese businessman although he's referred to as a "gangster" in a lawsuit filed against him by a former Lightning attorney, Okubo has never been to Tampa or seen the Lightning play. (He is the only non-North American owner of any U.S.-based franchise in the four major sports.)
"They've never even seen the owner," Maloof said of the situation in Tampa. "If we'd have bought the team, I would have moved there and become part of the community. That kind of thing always helps."
Instead, Gavin and George (who runs the Fiesta hotel-casino) backed away from the NHL and renewed their desire to acquire an NBA team. Their late father, George Sr., owned the Houston Rockets from 1979 through 1982.
"Basketball's a sport we're more familiar with and we're real happy with the Kings," Gavin Maloof said. "The only thing is, they haven't won much."
No, the Kings haven't won much in the past -- only one playoff appearance in 12 years -- and they've lost 18 of their last 20 games this season, yet they're functional and in the black.
Juxtaposed with the road not taken, owning the Kings is a downright enviable challenge for a family with sports in its blood.
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