Much has been made of former Sacramento King minority owner Bob Cook and his seven percent stake in the Sacramento Kings franchise that was/is on the bankruptcy block.
The issue with the seven percent stake has recently become more and more public after the suggested right of refusal came to light, terminology that essentially allows current Sacramento King owners the first right to bid on the said franchise stake.
The rumored first right of refusal was initially met with skepticism, especially in Seattle, but as time has went on and legal experts were able to dig into the bowels of the court documents, it appears to be a legit legal claim that current Sacramento King owners have this right and plan to match the offer, according to Ken Berger of CBS:
But a league source told CBSSports.com that the other minority investors have the right of first refusal, and will be exercising that right before Wednesday.
Recently, the Hansen-Ballmer group of Seattle put in a bid on those shares – the only bid, which sent some King fans into a tizzy. However, given the first right of refusal, there was no reason for any bids from the Sacramento based ownership group as they simply would’ve been bidding against themselves and raising the price needlessly.
Pro Basketball Talk’s Aaron Bruski has said all along, well before Berger, that the shares would be matched by the Sacramento based ownership group and this only appears to further back Bruski’s report, which given his flawless record on the Seattle-Sacramento drama, isn’t even needed.