SACRAMENTO -- Investor Chris Hansen has bought a 7 percent share of the Sacramento Kings from a minority owner who was in bankruptcy court, the Seattle Times reported Wednesday.
The 7 percent share had been owned by Bob Cook, who fell into bankruptcy; Hansen reportedly paid $15 million for the 7 percent share, which would provide Hansen and the group attempting to purchase the Kings and relocate them to Seattle with a 72 percent share in the team. Hansen had agreed to purchase 65 percent of the team in January. The NBA must still approve the deal.
Tuesday evening, the Sacramento City Council approved a term sheet for a new $447 million downtown arena in an effort to keep the Kings in Sacramento.