Jan 12, 2013; Sacramento, CA, USA; Sacramento Mayor Kevin Johnson waves to fans during the game between the Miami Heat and Sacramento Kings at Sleep Train Arena. The Miami Heat defeated the Sacramento Kings 128-99. Mandatory Credit: Ed Szczepanski-USA TODAY Sports

Sacramento Group Decides Not To Match 7% Of Kings Franchise In Bankruptcy Court

Bob Cook, who’s 7% stake in the Sacramento Kings franchise currently sits in bankruptcy court was thought to be a critical piece in obtaining the Sacramento franchise for both ownership groups. The Seattle group has had long intentions of bidding on the stake and eventually did, but the Sacramento group at the time said they would match the offer which was their legal right.

There were suggestions that a collection of minority owners would combine funds to match the offer submitted by the Hansen-Ballmer group, but it was then decided that lone minority owner Dave Luchetti would cover the entire cost. However, it appears that will no longer be the case according to Sam Amick.

Per Sam:

According to two people with knowledge of the situation, the bid from Seattle’s lead investor, hedge fund manager Chris Hansen, for 7% of the Kings that belonged to Bob Cook and was available through bankruptcy court is not expected to be matched by the Sacramento group as was previously expected. The Sacramento side, which had until midnight tonight to exercise a first right of refusal and was planning on doing so through minority owner Dave Luchetti, has decided it is no longer a priority. The people spoke to USA TODAY Sports on the condition of anonymity because of the private nature of the situation.

Amick’s suggestion is that being the transaction would require NBA approval, they wouldn’t award a minority share to majority group – assuming the NBA voted to keep the Kings in Sacramento.

Tags: Relocation Sacramento Kings Seattle Sonics

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