{"id":825128,"date":"2013-01-24T12:48:01","date_gmt":"2013-01-24T20:48:01","guid":{"rendered":"http:\/\/www.cowbellkingdom.com\/?p=18705"},"modified":"2013-01-24T12:48:01","modified_gmt":"2013-01-24T20:48:01","slug":"report-sacramento-kings-minority-owners-have-right-to-match-seattle-offer","status":"publish","type":"post","link":"https:\/\/thesportsdaily.com\/news\/report-sacramento-kings-minority-owners-have-right-to-match-seattle-offer\/","title":{"rendered":"Report: Sacramento Kings minority owners have right to match Seattle offer?"},"content":{"rendered":"

Another stunning development regarding the Sacramento Kings’ uncertain future. \u00a0As first reported by the Sacramento Bee<\/a>, the team’s minority owners have “first right of refusal”. \u00a0This means they could have an opportunity to match the sale agreement reached by the Maloofs and Seattle-based investors.<\/p>\n

A bankruptcy trustee who controls 7 percent of the Sacramento Kings says the team’s limited partners are being denied their legal right to match a Seattle investment group’s purchase offer for the team.<\/p>\n

The assertion by trustee David Flemmer could present a major legal challenge to the Maloof family as it attempts to complete its just-announced sale of the team to a group that intends to move it to Seattle.<\/p>\n

Flemmer, the court-appointed trustee overseeing the 7 percent share of the Kings owned by team limited partner Bob Cook, said Cook and other minority owners have “first right of refusal” to buy the club. He said that right is guaranteed in the partnership agreements governing ownership of the team.<\/p><\/blockquote>\n

That 7 percent stake will be sold off due to the bankruptcy of Cook. \u00a0Aaron Bruski of NBC Sports tweeted that initial bids for that share are due on April 1st<\/a>. \u00a0He also added that any bids submitted before that deadline must have approval by the NBA<\/a>. \u00a0The Bee’s Dale Kasler further reports the auction of Cook’s 7 percent stake is April 19th, which coincides with the NBA’s Board of Governors’ meetings in New York<\/a>.<\/p>\n

Could this open a backdoor opportunity for Ron Burkle and Mark Mastrov to slide into the franchise? \u00a0According to CBS 13 and CK contributor Rob McAllister, Burkle had explored bidding on Cook’s 7 percent share in the past<\/a>. \u00a0Burkle and Mastrov are reportedly in discussions to team as major-equity investors in Sacramento’s push to keep the Kings.<\/p>\n

It wouldn’t be an unprecedented action if Kings minority owners exercise a “first right of refusal”. \u00a0When the Charlotte Bobcats were up for sale in 2010, then-limited partner Michael Jordan negotiated that right to match an offer made by former Houston Rockets CEO George Postolos<\/a>. \u00a0Jordan went on to purchase controlling interest of the Bobcats,\u00a0who were valued at $275 million at the time<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new wrinkle in the Kings’ saga involving the rights of the team’s limited partners.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[610259261],"tags":[610259664,610259996,35890,610260052,610259515,63135,76563,112062],"acf":[],"yoast_head":"\nReport: Sacramento Kings minority owners have right to match Seattle offer? - The Sports Daily<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thesportsdaily.com\/news\/report-sacramento-kings-minority-owners-have-right-to-match-seattle-offer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Report: Sacramento Kings minority owners have right to match Seattle offer?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thesportsdaily.com\/news\/report-sacramento-kings-minority-owners-have-right-to-match-seattle-offer\/\" \/>\n<meta property=\"og:site_name\" content=\"The Sports Daily\" \/>\n<meta property=\"article:published_time\" content=\"2013-01-24T20:48:01+00:00\" \/>\n<meta name=\"author\" content=\"Alan Draper\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@sportsdailytsd\" \/>\n<meta name=\"twitter:site\" content=\"@sportsdailytsd\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Alan Draper\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/thesportsdaily.com\/news\/report-sacramento-kings-minority-owners-have-right-to-match-seattle-offer\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thesportsdaily.com\/news\/report-sacramento-kings-minority-owners-have-right-to-match-seattle-offer\/\"},\"author\":{\"name\":\"Alan Draper\",\"@id\":\"https:\/\/thesportsdaily.com\/#\/schema\/person\/2c8aadde2571800d0de74323730df7b5\"},\"headline\":\"Report: Sacramento Kings minority owners have right to match Seattle offer?\",\"datePublished\":\"2013-01-24T20:48:01+00:00\",\"dateModified\":\"2013-01-24T20:48:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thesportsdaily.com\/news\/report-sacramento-kings-minority-owners-have-right-to-match-seattle-offer\/\"},\"wordCount\":371,\"publisher\":{\"@id\":\"https:\/\/thesportsdaily.com\/#organization\"},\"keywords\":[\"Bob Cook\",\"Chris Hansen\",\"Featured\",\"George Postolos\",\"Kevin Johnson\",\"Michael Jordan\",\"sacramento kings\",\"Steve Ballmer\"],\"articleSection\":[\"Cowbell Kingdom\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2013\",\"copyrightHolder\":{\"@id\":\"https:\/\/thesportsdaily.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thesportsdaily.com\/news\/report-sacramento-kings-minority-owners-have-right-to-match-seattle-offer\/\",\"url\":\"https:\/\/thesportsdaily.com\/news\/report-sacramento-kings-minority-owners-have-right-to-match-seattle-offer\/\",\"name\":\"Report: Sacramento Kings minority owners have right to match Seattle offer? 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