When you think of ownership in any professional sport, you think of the big, power names, that grace the headlines – not minority owners who play the background. So when the Maloof family agreed to sell their stake in the Sacramento Kings to the Seattle based Hansen group, it was all but a formality – at least from the sale standpoint, right? Wrong.
According to R.E. Graswich, it’s the minority owners of the Sacramento Kings who will be given first right to match the offer from the Hansen group – minority owners who’ve expressed their desire to keep the Kings in Sacramento.
Last shot at saving Kings hangs on this technicality — minority owners get first right of refusal to buy M’s share.
Obviously, the minority owners couldn’t put together a number like the Hansen group has by themselves, but you have to wonder – will they, thanks to Mayor Kevin Johnson, find that proverbial “whale” buyer that’s been rumored and team their money together to match the Seattle offer? Is it even a legal possibility at this point?
Seems like a long shot – but with first right of refusal in their corner (meaning they have the first right to match any sale to keep the team and assuming Graswich’s report is accurate) – you wonder if that’s not a major tool at the disposal of Mayor Johnson.
And it should be pointed out – it doesn’t matter where the money comes from to buy the Maloof shares – just as long as the money is there to buy them. Keep in mind – there’s no solid confirmation of this either way, but it’s clearly going to be a bumpy ride. Buckle up.
Carmichael Dave says Graswich’s information isn’t correct:
After working the phones, I am once again being told that Graswich’s assessment of the first rite of refusal is wrong. Clause doesn’t exist.