Report: Maloofs turn over Seattle sale documents to bankruptcy trustee
Prospective buyers bidding on Bob Cook’s 7 percent share in the Sacramento Kings will get to see details of the Maloofs’ deal in Seattle. According to the Sacramento Bee, the family has finally turned over some of the sale documents to Cook’s bankruptcy trustee.
The documents could figure in the trustee’s assertion that the Maloofs may be improperly denying the team’s limited partners a chance to match the Seattle group’s offer for the team.
David Flemmer, the bankruptcy trustee overseeing limited partner Bob Cook’s 7 percent share of the team, has been negotiating with the Maloofs for weeks to get documents related to the Seattle deal. Flemmer’s attorney, Don Fitzgerald, said in U.S. Bankruptcy Court today that the Kings relinquished some of the documents Friday and are expected to release more records today.
An “outline” of the sale agreement will be made available on a confidential basis to “qualified bidders” seeking to buy Cook’s 7 percent share, Fitzgerald told U.S. Bankruptcy Judge Christopher Klein.
Documents governing the Kings’ ownership structure published last week by NBC Sports ProBasketballTalk suggest that minority owners have the right to match any competing offers to buy the team. Cook’s share, which is scheduled for auction in mid April, would presumably hold higher value with the right of first opportunity.
The Maloofs have a deal in place to sell 65 percent of the team to hedge fund manager Chris Hansen, who would relocate the team to Seattle. The sale is pending NBA approval.