((HT: News10.net))
They're in New York City awaiting the decision of the Relocation Committee to figure out whether or not the Sacramento Kings are staying or moving to Seattle...
Here's proof...
Sports Business Daily is reporting that the NBA has asked the Sacramento group to reimburse the Seattle group for their $30 million nonrefundable deposit if the Relocation Committee votes in favor of the home town group.
The 5PM Friday deadline set by the Maloof family was now, according to USA Today, "deliberately missed" by the Sacramento group. And the Sacramento group also will not put in a bid for Bob Cook's 7-percent minority stake that is currently held up in bankruptcy proceedings. The Hansen-Ballmer group put in a bid for those shares that could raise their stake to 72-percent of the Kings assets.
Showing posts with label Bob Cook. Show all posts
Showing posts with label Bob Cook. Show all posts
Thursday, April 18, 2013
Friday, March 29, 2013
SacTown Mayor KJ Still Optimistic
((HT: News 10/Sacramento))
SacTown Mayor Kevin Johnson introduced his big guns to keep the Kings in town- Ron Burkle and Mark Mastrov we knew about. Then, he added Vivek Ranadive and Steve Jacobs. Johnson later announced this week that he has received $50 million in corporate sponsorships from an estimated 25 local companies over the next five years to support the arena and franchise...
Sounded good for Sacramento...
But...
Seattle part-interested owner Steve Ballmer bid $15 million earlier this week for minority owner Bob Cook's 7 percent ownership shares in the Kings that are in bankruptcy. That would raise the share of Seattle's interest to 72-percent. But, the Kings' other minority owners have 15 days to match the offer of $15.1-million.
Any of the team's other four minority owners has the right to match that bid in the next 15 days. If one matches the bid, he has priority to buy the shares.
Looks like Mayor KJ has a lot to deal with these days... and that's how he'd like it...
Here's an extended interview on all these updates... it's raw video, so it won't have the expected clean editing...
SacTown Mayor Kevin Johnson introduced his big guns to keep the Kings in town- Ron Burkle and Mark Mastrov we knew about. Then, he added Vivek Ranadive and Steve Jacobs. Johnson later announced this week that he has received $50 million in corporate sponsorships from an estimated 25 local companies over the next five years to support the arena and franchise...
Sounded good for Sacramento...
But...
Seattle part-interested owner Steve Ballmer bid $15 million earlier this week for minority owner Bob Cook's 7 percent ownership shares in the Kings that are in bankruptcy. That would raise the share of Seattle's interest to 72-percent. But, the Kings' other minority owners have 15 days to match the offer of $15.1-million.
Any of the team's other four minority owners has the right to match that bid in the next 15 days. If one matches the bid, he has priority to buy the shares.
Looks like Mayor KJ has a lot to deal with these days... and that's how he'd like it...
Here's an extended interview on all these updates... it's raw video, so it won't have the expected clean editing...
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...
((HT: News10.net))
News 10 later caught up with a locally-optimistic Cook at Sleep Train to discuss the proposed sale...
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...
((HT: News10.net))
News 10 later caught up with a locally-optimistic Cook at Sleep Train to discuss the proposed sale...
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