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Seattle's Hansen One Step Closer To Owning Share of Sacramento's Kings

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(Sacramento, CA)
Tuesday, April 16, 2013

Hansen was scheduled to go before the National Basketball Association this week for permission to buy the majority share of the team. He will now add a request to buy a minority share of the team.  

U.S. Bankruptcy Court Judge, Christopher Klein has agreed to allow Chris Hansen to buy a seven-percent share of the team for $15.1 million. 

The minority shares were available after their owner, Bob Cook used the shares as collateral for a loan.  He defaulted and was forced into bankruptcy.

Hansen is a hedge fund manager from Seattle. He submitted the only bid for Cook's shares.    

Cook's attorney, Daniel Weiss asked the judge for more time so that another minority-owner, David Luchetti, might come up with the money needed to match Hansen's bid.   On April 2nd, Luchetti sent a letter of his intent to match the Hansen offer, but failed to meet the April 12th deadline.

The judge declined.  

Three hours after the decision, Luchetti was at a tour of the proposed site of a Sacramento arena that would house the Kings.  He shrugged his shoulders when asked to comment about what happened to the plan to purchase part of the team. 

Sacramento Mayor Kevin Johnson said the group of area business people who had pledged a million dollars toward the ownership effort had "changed their mind." 

Hansen also submitted the first bid for the Sacramento Kings majority shares and then added more than $16.25 million to the offer last week.

The National Basketball Association must approve the sale of any shares and could decide by the end of Friday's Board of Governors meetings if Hansen will be allowed to own any part of the team.      

Mayor Johnson says the failure of a Sacramento group to bid on the minority shares will have no effect on the city's chances to keep the Kings.

If the sale of the minority shares of the team is approved, about half of the $15.1 million will go to creditors.  About $2.8 million will go to attorneys fees.

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