A bankruptcy trustee says the minority owners for the Sacramento Kings are being denied their right to match the offer presented by a Seattle group to buy the team.
The Maloof family has agreed to sell a reported their 65 percent of the team for $525 million to a group led by Chris Hansen and Steve Ballmer, with the goal of moving the team to Seattle next season. The deal reportedly includes a $30 million, non-refundable deposit.
The Sacramento Bee reports a court-appointed trustee, overseeing a seven percent share owned by Bob Cook and other minority owners, says they have “first right of refusal” to buy the team. In essence, they have the right to match the Hansen offer.
A source close to the Maloofs reportedly said the family doesn’t believe the minority owners have that right.
A hearing on the matter is scheduled for next Thursday.
Story compiled by KING 5's Travis Pittman