Kings minority owner may lose team stake in personal bankruptcyPosted by Inside Hoops
A part owner of the Sacramento Kings might be in danger of losing his stake in the team after filing for personal bankruptcy.
Veteran Sacramento developer Bob Cook, who’s been a part owner of the Kings since the 1980s, is buried under millions of dollars of debt and could surrender his 7 percent share of the team.
Cook’s financial troubles stem from the construction of Le Rivage, the upscale hotel he opened on the Sacramento River in 2008. The hotel defaulted on its debt last year, and Cook filed for Chapter 11 personal bankruptcy protection in August.
Ramping up the financial pressure, one of his creditors is trying to drag into Bankruptcy Court the partnership through which Cook holds his Kings ownership stake.
– Reported by Dale Kasler of the Sacramento Bee