Consolidating their control of the Sacramento Kings, new majority owner Vivek Ranadive and his partners on Monday secured a bankruptcy judge’s approval to buy another 7 percent share of the team.
The judge turned aside a last-minute purchase offer from former limited partner Bob Cook, who lost the 7 percent share when his real estate empire crumbled. The stake has been under the control of a court-appointed trustee since shortly after Cook went bankrupt in 2011.
Buying Cook’s share will increase the Ranadive group’s ownership stake to 72 percent. NBA Commissioner David Stern’s office has already approved the latest deal, said NBA lawyer Martin Zohn, and the purchase could close Wednesday.
Ranadive is buying the share for $15.1 million – the same amount Seattle investor Chris Hansen was planning to pay.
Reported by Dale Kasler of the Sacramento Bee
