Ranadive will pick up 7 percent share of Sacramento Kings from bankruptcy

Published: Friday, May. 31, 2013 - 5:01 pm
Last Modified: Tuesday, Sep. 3, 2013 - 5:38 pm

Seattle's Chris Hansen has canceled his deal to buy 7 percent of the Sacramento Kings, and the share is being purchased by new team owner Vivek Ranadive.

Ranadive and his partners are paying the same amount Hansen was going to pay - $15 million - according to documents filed today in U.S. Bankruptcy Court.

Hansen suggested in Seattle media interviews this week that he would cancel the purchase now that the NBA has vetoed his deal to buy majority interest in the Kings and move them to the Pacific Northwest. A competing offer from software tycoon Vivek Ranadive was approved Tuesday by the NBA and closed escrow earlier Friday.

The 7 percent share was owned by longtime Kings limited partner Bob Cook, who lost the stake when a failed hotel development landed him in bankruptcy.

David Flemmer, the trustee overseeing Cook's bankruptcy, made the deal with Ranadive after Hansen decided not to go ahead with the purchase.

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