Hansen deal to buy NBA’s Sacramento Kings could go public
Jan 31, 2013, 11:36 AM | Updated: 12:33 pm
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)
(AP image)
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.
