Sacramento Kings minority owner Dave Lucchetti to match Seattle bid on Bob Cook’s 7-percent stake
According to multiple sources with knowledge of the situation, Dave Lucchetti, one of the remaining Sacramento Kings limited partners, has decided to invoke his right of first refusal and claim Bob Cook’s 7-percent share of the team currently sitting in California bankruptcy court.
Last week, it was announced that prospective SuperSonics owner Chris Hansen had agreed to purchase the stake in the Kings’ franchise for $15.1 million. But according to the purchase agreement, the Kings minority owners were given a 15-day window to match Hansen’s bid.
The decision comes on the eve of the meeting between the NBA’s combined finance/relocation meeting and members from both the Sacramento and Seattle delegations.
While paperwork has yet to be filed, plans have been made to make it official according to sources. Sacramento Mayor Kevin Johnson took to Twitter to announce the move earlier this evening.
“Big News!” Johnson tweeted. “Kings limited partner files intent to match offer on 7% with trustee. It’s staying in Sacramento! #PlayingToWin”
Johnson plans on using a group of 20-plus local investors he assembled back in January to buy Cook’s stake in the team. Former Kings great Mitch Richmond is among those that have committed $1-million each to Johnson’s effort to keep the team in Sacramento.
A hearing on the sale of the shares was requested by David Flemmer, Cook’s trustee, with the NBA. That is expected to be held on either Apr. 15 or 16, just days before the league’s annual Board of Governor’s meetings on Apr 18-19.