7/31/2014

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Hansen may lose out on extra 7 percent of NBA’s Kings

Hansen may lose out on extra 7 percent of NBA’s Kings
Chris Hansen
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A minority owner of the NBA’s Kings is expected to complete a deal Thursday to buy a 7 percent chunk of the franchise that’s tied up in a California bankruptcy court, according to a report, superseding Chris Hansen’s offer to get it for $15.1 million.

KRCA/3 Sacramento’s David Bienick reports that Kings limited partner David Lucchetti, who currently owns 1 percent of the NBA team, is expected to match Hansen’s offer for the 7 percent share one day before the Friday deadline. A hearing is set for April 16 — next Tuesday — in the Sacramento division of the U.S. Bankruptcy Court to help determine the ultimate buyer.

Last month, Seattle arena investor Hansen dealt to buy the 7 percent stake that was owned by Bob Cook, who is in bankruptcy. At the time, trustee David Flemmer told The Sacramento Bee that there were no other serious offers, but also said the other Kings minority owners have a right of first refusal.

Lucchetti apparently is exercising that right. Last week, the Bee confirmed that Lucchetti would try to match Hansen’s $15.1 million bid, and now apparently is about to do so. Because of the right of first refusal, Hansen would not be able to increase his offer.

So it’s looking like Hansen will lose out on Cook’s 7 percent of the Kings, though of course nothing is final yet. Meanwhile, the NBA next week (or shortly thereafter) is expected to approve or reject Hansen’s acquisition of another 65 percent of the Kings owned by the Maloof family for $341 million.
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