March 27, 2013 at 11:12 AM
Hansen buys 7 percent of Sacramento Kings that was in bankruptcy
News is breaking today that Chris Hansen has purchased a 7 percent share of the Sacramento Kings that had been in bankruptcy court.
News10 in Sacramento broke the story noting that Hansen’s was the only offer for the share and that the purchase price was $15.1 million:
BREAKING: Cook’s bankruptcy lawyers completed negotiations to sell his 7% to Chris Hansen of Seattle. As of Tues he was only serious offer.
— nickmonacelli (@nickmonacelli) March 27, 2013
Here’s some background on 7 percent share of the team, which had been owned by Bob Cook, who fell into bankruptcy.
Having that 7 percent would give Hansen and the Seattle group attempting to buy the Kings and relocate them to Seattle control of 72 percent of the team, though the bankruptcy share — like the 65 percent of the team Hansen agreed to buy in January — must still get NBA approval.
The news comes on the heels of the vote by the Sacramento City Council Tuesday night to approve a term sheet for a new $447 million downtown arena that is part of the city’s efforts to keep the team from relocating.
There is no official confirmation yet of the sale of the share today.
UPDATED — The Sacramento Bee has posted the bankruptcy court document to its website.