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Seattle Group Makes Offer to Buy 7 Percent Share of Kings



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(Sacramento, CA)
Wednesday, March 27, 2013

According to bankruptcy court proceedings today. Hansen has entered into an agreement to buy the shares once owned by Bob Cook - who is now bankrupt. 

Sacramento Mayor Kevin Johnson says a counter offer will be made within the next day or two, "The seven percent has always been part of the equation for many folks here including the whales and everybody a part of the local ownership group and we're gonna respond accordingly. We know what's at stake and we know the timetable that we're dealing with."

Hansen's agreement with the trustee of Cook's shares prohibits the trustee from negotiating with anyone else.  But, it does allow for other minority owners to match the bid. The mayor has approached Gary Benvenuti and Dave Lucchetti to help. 

The mayor has not approached John Kehriotis.  Kehriotis is still trying to finance a bid for the controlling interest in the team in competition with the so-called "whales" the Mayor helped assemble.

A higher bid may be submitted by someone who is not an owner.  But, that bid would be referred to the bankruptcy court for consideration.  

If a Sacramento group wins the bid, it would have the first right to match Hansen's January offer for control of the team. 

A judge is expected to decide April 16.  

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Mayor Kevin Johnson during today's briefing about the Sacramento Kings. (Bob Moffitt photo)

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