MYNORTHWEST NEWS

More twists, potential roadblocks emerge in Sacramento Kings saga

Jan 24, 2013, 10:14 AM | Updated: 5:28 pm

A Sacramento lawyer insisted Thursday the minority owners of the Kings have the first right of refu...

A Sacramento lawyer insisted Thursday the minority owners of the Kings have the first right of refusal to buy the team, while new reports say Billionaire Larry Ellison is now interested in helping keep the team in Sacramento. (AP image)

(AP image)

The twists and turns of the Sacramento Kings saga continued Thursday, as a minority owner insisted his group has right of first refusal to match an offer for the team, while reports late afternoon claimed Billionaire Larry Ellison, one of the world’s richest men, is now potentially getting in the mix

The Sacramento Bee reports trustee David Flemmer, who controls 7 percent of the team, says the teams minority owners “are being denied their legal right to match a Seattle investment group’s purchase offer for the team.”

Flemmer is overseeing the 7 percent share of the Kings owned by minority owner Bob Cook. He told the Bee the limited partners are guaranteed the “first right of refusal” to buy the Kings in their agreements with the Maloofs.

NBA insider Aaron Bruski with NBC’s Pro Basketball Talk reported Wednesday the site “can confirm that the 1991 Kings agreement contains a right of first refusal for minority owners.”

Spokespeople for both the Maloofs and Hansen declined to comment Thursday. But the Bee said a source close to the Maloofs recently told them the family doesn’t believe the minority owners have rights to match an offer for their 65 percent majority share of the team.

The Bee said Flemmer plans to “assert the limited partner’s rights” at a hearing in U.S. Bankruptcy Court in Sacramento. But he wouldn’t discuss his legal strategy.

There is precedent. Former NBA great Michael Jordan executed his first right of refusal as a minority owner of the Charlotte Bobcats to purchase the majority share of the team in 2010.

Meantime, Cook also told The Sacramento Bee Thursday he’s asked a Bay Area sports attorney to set up a meeting with Ellison, the Oracle founder, and Sacramento Mayor Kevin Johnson. He said he believes a meeting will happen toward the end of this week.

Ellison lost out in a bid to buy the NBA’s Golden State Warriors two years ago. Numerous reports said while the billionaire outbid the ultimate winners, his final offer was rejected because it came in too late.

Neither Johnson nor representatives for Ellison would comment.

Johnson has said he hopes to announce several major equity partners by the end of next week to lead an effort to counter Hansen’s deal with the Maloofs.

Hansen and the NBA announced earlier this week an agreement on the sale of the majority stake in the Kings. The deal reportedly values the team at $525 million, with Hansen paying an estimated $340 million to buy controlling interest in the franchise.

You might also be interested in:

Sacramento mayor vows deep-pockets lining up to buy Kings, keep them in Sacramento

Salk: Seattle Times misleading again on arena

MyNorthwest News

Chris Reykdal...

Julia Dallas

Chris Reykdal won’t seek reelection as state superintendent, weighs run for another office

Washington State Superintendent Chris Reykdal announced Monday that he will not be seeking re-election in 2028.

6 minutes ago

storm (1)...

Jake Chapman, KIRO 7 News

Downed trees during Saturday’s storm briefly trapped visitors inside Olympic National Park

Strong winds from a weekend storm knocked out power to thousands and toppled trees that blocked roads around Olympic National Park.

45 minutes ago

car key fob break-in...

Manda Factor

No broken glass after a car break-in? Key fob signals could explain why

Discover how key fob signals may prevent car break-ins and the importance of using signal-blocking pouches for your vehicle.

1 hour ago

Tacoma Narrows Bridge (5)...

Julie Berg, KIRO 7 News

Archival photos reveal the destruction of the Tacoma Narrows Bridge

The Tacoma Narrows Bridge collapsed on Nov. 7, 1940, just four months after its grand opening in July.

2 hours ago

A photo of a Seattle Police Department vehicle. (Photo courtesy of KIRO 7)...

Manda Factor

Man who rammed Seattle police car in stolen truck gets 25-month sentence

A man who rammed a Seattle police car while trying to escape in a stolen pickup was sentenced to 25 months under an alternative that combines prison time with supervised drug treatment.

2 hours ago

A Boeing sign is seen on the exterior of a building. (Photo: David Ryder, Getty Images)...

MyNorthwest Staff

Boeing to cut commercial airplane workforce by about 5% amid production setbacks

Boeing confirmed to its employees that the company would cut its commercial airplane workforce by roughly 5% and reduce its commercial airplane production.

3 hours ago

More twists, potential roadblocks emerge in Sacramento Kings saga