BY SPNW Staff 01:09PM 03/27/2013

Hansen buys another seven percent of Kings

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.

 


YourThoughts

  • notaboomer

    go hansen. go go hansen. let’s change the team name to the “seattle’s best billionaires.”

    • art thiel

      Next, they fix the seawall on their dime.

  • jafabian

    I think with this Seattle is all but certain to get a team, either in the form of the Kings or an expansion team. To not award the Hansen group anything after all their work would be very messy and the NBA does not like messy.

    • art thiel

      You’re right, J. Frankly, I don’t see how the NBA denies either market, given efforts in both. I’ve said before there’s a good chance expansion will be forced.

  • http://www.facebook.com/mestonrob Rob Meston

    thank you Mr. Hansen. I don’t know you from Adam…but I like you and you have some brains on top of it (think “no shop” agreement). As far as I’m concerned KJ can do all he wants. When Hansen signed a deal with the Maloofs, then it was a done deal. That’s how we buy things. If I’m an NBA Owner, I don’t even waste time opening the mail from KJ. This wasn’t a competative bid, thank you! See you soon Seattle Future Sonics! I will be at the first game in the Key, come hell or high water.