Maloof family members sell VGK ownership interests back to Foley family

LAS VEGAS (KTNV) — Several members of the Maloof family have sold their remaining indirect ownership interests in the Vegas Golden Knights back to the Foley family.

Owner Bill Foley made the announcement on Thursday.

"We would like to thank the entire Maloof family for their contributions to the Vegas Golden Knights organization during their tenure as minority owners," Foley said in a statement. "They were helpful in bringing NHL hockey to Las Vegas and had a belief and commitment to our city as a viable major professional sports market. We wish the family continued success."

According to Foley, George, Gavin, Joe and Phil Maloof sold their interests while Adrienne Maloof will continue to be an indirect owner of the Vegas Golden Knights as a new limited partner.

The Maloof family has been involved in professional sports for many years. The family owned the NBA's Sacramento Kings from 1998 to 2013 and the Houston Rockets from 1979 to 1982.

They're also no strangers to Las Vegas. Prior to being part-owners of the Vegas Golden Knights, the Maloof family owned Fiesta Rancho. They sold that property in order to help pay for the Palms casino, which opened on Nov. 15, 2001. In May 2016, Station Casinos agreed to purchase the Palms for $313 million.