Jan 23, 2013; Sacramento, CA, USA; Sacramento Kings fans holds a sign during the third quarter against the Phoenix Suns at Sleep Train Arena. The Phoenix Suns defeated the Sacramento Kings 106-96. Mandatory Credit: Kelley L Cox-USA TODAY Sports

Kings Minority Owner Sells 7 Percent Stake to Seattle Group

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A bankrupcy trustee has agreed to sell Kings minority owner Bob Cook’s seven percent stake in the team to the Seattle investment group led by Chris Hansen, according to Nick Monaceli of News10. The sale price is a reported $15.1 million.

No word on how this affects the pending sale of the Kings to the Hansen group, who bought the Maloofs majority share a few months ago.

Sacramento has been picking up steam in its bid to save the franchise, as a fourth big investor, the Jacobs family of Qualcomm, was named on Monday. An investment group initially led by Mark Mastrov and Ron Burkle officially submitted an offer to the NBA to buy the Kings earlier this month.

On Tuesday, Sacramento’s City Council approved a deal to build a new $447 million arena in downtown Sacramento by a 7-2 vote.

 

 

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