Kings minority owners may be forced to sell share of team
Because the Kings didn’t have enough instability in their organization right now….A long-standing minority owner of Sacramento may be forced to sell his share of the team soon as he had the misfortune of putting a lot of his money behind a new luxury hotel that opened right as the economy started to tank, the Sacramento Bee reports.
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 put up his Kings stake as security when he borrowed $10 million from Omni four years ago, according to court records. He defaulted on the debt, which now totals $13 million. It’s unclear what will happen to Cook’s 7 percent stake in the team. In court papers, Cook says his Kings ownership stake is exempt from the bankruptcy proceedings.
This does not directly impact the Maloof brothers, who are the primary owners of the Kings. They also completely run the show and Cook had said last summer — while the Maloofs were working to move the Kings to Anaheim — that he couldn’t even get shown the proposed lease deal in Anaheim. Cook is not exactly a team insider.
This probably has no impact on efforts to keep the Kings in Sacramento, other than if a sale of the team does go down there will be more pieces available.