By Sports Radio KJR Staff
In the never ending saga regarding the Sacramento Kings, the twist of all twists took another one on Wednesday. Around 11am, Nick Monacelli tweeted @nickmonacelli that bankruptcy lawyers for minority Kings owner Bob Cook had sold their 7% share to the Hansen/Ballmer/Nordstrom group for $15.1 million.
The complete sale will not be final until the NBA Board of Governors meet April 18 and 19 in New York City. However, with this latest development, the Hansen group now has reached an agreement to purchase 72 percent of the Kings. However, the other minority owners, or limited partners, if you choose to call them that, do have the right to match that offer.
Sacramento Mayor Kevin Johnson sent out a release later this afternoon saying they expected the move and that they will have something shortly from their minority owners.
In part, here is what Johnson said in his statement: "We are not surprised by the news that the Seattle group has made an offer to purchase the 7%. We knew this was going to happen and know exactly what our next steps are. We are playing to win."
After the news broke, Brian Mays from News10 (@BMayNews10) joined Ian and Puck to discuss the latest with the situation.
Brian did not sound overly concerned that the Hansen group had reached an agreement to purchase the 7 percent. He said the thought down in Sacramento has been that the right of first refusal will not be an issue. However, before that 7 percent had been sold, many in Sacramento said that the ROFR was a very big issue and that it was always a chip in their back pocket.
In addition, one major issue with the plan in Sacramento is that the Burkle/Mastrov group does not currently own any of the property. However, the city owns six parcels of the 37 parcels at the downtown plaza site that is valued at $38 million. In addition, JMA Ventures, out of San Francisco, purchased a portion of the site as well, and according to May, is working with the Sacramento group in developing the site.
However, there has been a thought that some small business owners in that area, not associated with the city and JMA might refuse to sale and cause issues with the arena. But, May says that would not be an issue.
"I haven't heard of any smaill business owner getting in the way."