Reports out of Sacramento today are that a judge has approved a sale of a 7 percent share of the Sacramento Kings that had been in bankruptcy to a Seattle group led by Chris Hansen:
— Bob Moffitt (@BobMoffitt) April 16, 2013
When news of this share first broke, there was much discussion that its value rested in its potential for the buyer to have a right of first refusal. Reports have since come out of Sacramento that the Sacramento ownership group did not think that would prove pivotal to ultimate decision on where the Kings go, and decided not to challenge Hansen’s bid.
Sports law expert Michael McCann said earlier that the value of the share for Hansen could be that it will force the NBA to vote to approve both his claim for a 65 percent share of the team as well as the 7 percent share — they will apparently be considered as two separate purchases.
Initial reports were that Hansen offered $15 million for the share, much less than the roughly $357 being offered for the 65 percent share. But it is common for minority shares, which hold no ability to control the direction of the franchise, to go for much less.
UPDATE — Here is the Sacramento Bee story on the developments with the bankrupt share.