Kings.jpg
Chris Hansen's agreement with the Maloof family to buy the Sacramento Kings could be made public following a hearing Thursday in U.S. Bankruptcy Court. (AP image)

Hansen deal to buy NBA's Sacramento Kings could go public

BY Josh Kerns  on January 31, 2013 @ 11:36 am (Updated: 12:33 pm - 1/31/13 )

In the latest twist in the ongoing saga of the Sacramento Kings, a federal bankruptcy judge in Sacramento has denied a requested deadline extension of the sale of a 7 percent stake in the team owned by a bankrupt investor.

An attorney for the bankruptcy trustee for minority owner Bob Cook asked for 30 more days Thursday to prepare for the auction of the investor's assets, NBA insider Aaron Bruski of NBC Sports reports.

Cook has argued he and other minority owners have the first right of refusal to buy the team from the Maloof family, majority owners of the Kings.

The fate of Cook's shares could hamper the Maloof's sale of the Kings to investor Chris Hansen, who is interested in bringing the team to Seattle. If the minority owners are successful, someone buying Cook's share or the other minority owners could block the Seattle deal, the Sacramento Bee reports.

An NBA attorney told the bankruptcy judge a decision on the Kings sale is likely to be made at the league's Board of Governors meeting in New York on April 19, Bruski reports.

Bruski reports the trustee is negotiating with the Maloofs for access to the Hansen agreement, which could make it public. But the Bee says the Maloofs are negotiating to try and keep the details confidential. If an agreement can't be reached, the judge would ultimately decide.

The deal reportedly calls for Hansen to purchase the family's 65 percent share of the Kings for an estimated $340 million, based on a reported value of $525 million. It also reportedly calls for Hansen to pay a $30 million non-refundable deposit by Feb. 1.

The next status report conference is set for Feb. 11 in U.S. Bankrupty Court in Sacramento. A tentative final hearing date was set for May 13, Bruski reports.

Josh Kerns, MyNorthwest.com Reporter
Josh Kerns is co-host of KIRO Radio's Seattle Sounds (Saturday nights 7-8) and a digital content producer for MyNorthwest.com.
More Local News
Top Stories
MyNorthwest.com - Purpose of Comments statement
Bonneville Media encourages site users to express their opinions by posting comments. Our goal is to maintain a civil dialogue in which readers feel comfortable. At times, the comments can descend to personal attacks. Please do not engage in such behavior. We encourage your thoughtful comments which: have a positive and constructive tone, are on topic, are respectful toward others and their opinions. Bonneville reserves the right to remove comments which do not conform to these criteria.

Comments (13)


  • Add A Comment

  • calapete wrote...
    as the ball bounces
    January 31, 2013 11:20 am
    a few lawyers are gonna get paid to fix this mess.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • HockeyMom wrote...
    Wheelin and dealin
    January 31, 2013 11:58 am
    How about Hansen just buy us the Phoenix Coyotes while the NBA (and Sacramento) decide what they're going to do. That could just be the hockey mom in my speaking, though.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Nomad_bychoice wrote...
    No worries
    January 31, 2013 12:20 pm
    Remember when Ballmer came in late in 2008 to save the Sonics to no avail? It didn't happen because Stern and Bennett were in cahoots. The same applies today, only this time it's Stern and Hansen. Stern will tell NBA to approve sale, approve the relocation, and that will allow Stern to retire without the guilt he'e felt since he allowed the team to move to OKC. Sacramento should be lining themselves up for the next move/expansion....just as Ballmer did in 2008. Sonics are coming home...but it's gonna be nerve wrecking until it's done.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Nomad
    January 31, 2013 1:04 pm
    Stern, Guilt? The Teams move to OKC has been a total success for the NBA,The NBA is a business and in business you feel no sympathy when a decision based on whats GOOD for your Business is made. Face it this whole Sonic Mess was a nightmare for Seattle but a feather in Sterns cap
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Hersey33 wrote...
    @Messiah, your lack of information...
    January 31, 2013 2:44 pm
    Never ceases to amaze. You are the definition of a troll. You come on to these boards spitting non sense all the time. As a business move, moving to OKC was not "good" business. Leaving the 12th media market happened to pay off but at the time it wasn't "good" business. It was a favor from Stern to Bennett for housing the Pelicans after Katrina hit. David Stern has publicly stated that letting the Sonics leave is one of his only regrets. It was far from a feather in Sterns cap. You could actually make a better argument for that being the beginning of the end for David Stern. Maybe you should do some fact finding, instead of just listening to what the Seattle Times tells you.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Hersey33
    January 31, 2013 5:53 pm
    Better sell out at a smaller market then 12000 here in Seattle. Who fed you that BS that Stern owed Bennett a favor? OKC was thrilled for the chance at big time BB. KC also had an arena and they could have played there. Then you quote Stern as if we should believe him, now thats funny and shows just how naive you are.Facts? You didn't give us any. You just gave your feelings.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • dbara43 wrote...
    Nonsense
    February 1, 2013 11:29 am
    You do not measure the success of any franchise by attendance only. Of course the hayseeds in OKC are going to flock to the games, what else is there to do there? Count ticks on your hound dog's back? Success is also measured in the financial support of the business community, the popularity of the team on a national and international platform, the ability of the team to draw interest from the surrounding region, in all of which Seattle dwarfs OKC.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Pete in Seattle wrote...
    Problems with NBA arenas
    January 31, 2013 1:56 pm
    The league started out in mid-market cities, but Boston and LA dominated. The thing every team seems to demand is a new arena with whatever amenities are en vogue. I have watched basketball games in many arenas. MSG is either one of the best or one of the worst depending on where you sit. Perhaps 8,000 people get reasonable seats; the rest might as well stay home and watch on tv because to see anything they will be watching the monitors instead of the action on the court. Take a note from Baseball and size arenas to provide the best fan experience - large enough to be a "crowd" but small enough to not seem empty on the routine mid-season game nights. Then there is the product itself. In recent years the quality of play seems to have improved and there is some deference given to the published rules; but there is still too much leeway given to "stars" compared to other players.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Pete "the league started with mid market cities"
    January 31, 2013 6:03 pm
    Ha thats a laugh. When I was a kid it was the Fort Wayne Pistons and the Syracuse Nationals,St Louis Hawks hows that for mid market. And the 2 top teams were the Celtics and the Hawks.Yes todays arenas suck and attempt to sell 'The Total Fan experience" instead of the game itself.THe goal is to draw attention from the LOW quality of the game to the other things that make a Buck.Teams do not shoot nearly enough (even with a clock) shot making is not as important as a slam dunk.And I believe that the Stars of the game are what the public pays to see so they will always get the calls (leeway)I attended lots of games at the Key and found the upper dech mid court seats a GREAT Bargain for the cheap skate fans like me. I'll miss those seats the new arena will charge double (triple ?) for poorer seats
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • ToldYa wrote...
    more fleecing for tax payers
    February 1, 2013 8:36 am
    http://www.youtube.com/watch?v=FHLP3RqXL_w
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Forrest wrote...
    @ Toldya
    February 1, 2013 12:44 pm
    Good video.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Pat_riot wrote...
    Who cares..
    February 1, 2013 8:58 am
    ... It's just the NBA .. If I liked thugs and big ego's I'd move to LA.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • boomshakalaka wrote...
    ...
    February 1, 2013 10:24 am
    I'M NOT WEARING PANTS!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • { "Thumbs Up":"1","Thumbs Down":"-1" }