Bankruptcy lawyers for Sacramento Kings minority owner Bob Cook have agreed to sell his seven percent stake in the team to Chris Hansen, the Seattle native who already has an agreement to purchase 65 percent of the team, according to News10 KXTV in Sacramento Wednesday. The sale requires judicial and NBA approval.
The Maloof family has already agreed to sell its 53 percent of the club, along with 12 percent belonging to another owner, for $341 million on a total valuation of $525 million. The purchase also awaits 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.
However, there is a “no shop” provision in the Cook-Hansen deal, meaning there can be no other negotiations for the seven percent, pending the bankruptcy judge’s ruling. The trustee for Cook’s holdings is seeking an April 15 or 16 hearing on the sale. That is just before the April 18-19 NBA owners meeting, where owners will vote on whether the Kings move to Seattle or stay in town.
The Sacramento and Seattle investor groups make their pitches to the NBA’s relocation committee on April 3.