A few days ago, R.E. Graswich broke news that the minority owners of the Sacramento Kings had first right of refusal towards the Sacramento Kings. In simple terms, they had first dibs on buying the Maloof’s share of the Sacramento Kings. Reports later surfaced, questioning the accuracy of Graswich’s news but it appears Graswich was right all along.
The Sacramento Bee is now reporting that the Kings minority owners do indeed have first right of refusal:
David Flemmer, the court-appointed trustee overseeing the 7 percent share of the Kings owned by team limited partner Bob Cook, said Cook and other minority owners have “first right of refusal” to buy the club. He said that right is guaranteed in the partnership agreements governing ownership of the team.
Getting into the details of the situation is pretty murky as are most situations in bankruptcy court, but obviously, the news is huge for Sacramento as they attempt to keep the team local.