Report: Seattle-based group leader buys bankruptcy shares of Kings
Chris Hansen of the Seattle-based group attempting to buy and relocate the Sacramento Kings has reportedly purchased a 7 percent share of the team that had been in bankruptcy, as first reported by News10 in Sacramento.
News10 reported Hansen's was the only offer for the share and that the purchase price was $15.1 million.
The share was scheduled to be sold off as part of the bankruptcy of Sacramento developer Bob Cook, with the proceeds to be split among Cook's creditors.
If the sale is completed, Hansen and his group would control 72 percent of the Kings leading into the NBA's approval meeting next week in New York. Hansen already has a sale agreement with the Maloof family and Bob Hernreich for 65% of the team for a reported $525 million.
The Sacramento City Council Tuesday night approved a term sheet for a new $447 million downtown arena as part of the city’s efforts to keep the team. Sacramento mayor and former Kings player Kevin Johnson announced plans to gather pledges for 10,000 season tickets from businesses and fans, and $50 million in corporate sponsorships to help strengthen his case to keep the team.