Wednesday, March 27, 2013

SacTown Update: Kings Minority Owner Agrees On Sale To Hansen

Bankruptcy lawyers for Sacramento Kings minority owner Bob Cook have agreed to sell his 7 percent stake to Chris Hansen, the investor behind Seattle's effort to buy the franchise, according to News 10 in Sacramento.

The $15.1 million price would give the Seattle group a total of 72 percent. The Maloof brothers, majority owners of the Kings, have previously agreed to sell their 65 percent stake for $525 million pending NBA approval.

Sacramento Mayor Kevin Johnson says other minority owners of the Kings will submit an offer for Cook's stake in the next few days.

There is a "no shop" provision on the Cook-Hansen deal, meaning there can be no other negotiations for the 7 percent pending the bankruptcy judge's ruling. The trustee for Cook's holdings is looking for an April 15-16 hearing date. The NBA Board of Directors meeting where owners will vote on whether the Kings will stay or go is set for a few days later...

The Sacramento and Seattle investor groups make their pitches to the NBA Relocation Committee on April 3rd.

On Tuesday, the Sacramento City Council approved the term sheet for the new arena which is key to any movement keeping the Kings in town...
News 10 later caught up with a locally-optimistic Cook at Sleep Train to discuss the proposed sale...

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