Consolidating their control of the Sacramento Kings, new majority owner Vivek Ranadive and his partners on Monday secured a bankruptcy judge’s approval to buy another 7 percent share of the team. The judge turned aside a last-minute purchase offer from former limited partner Bob Cook, who lost the 7 percent share when his real estate empire crumbled. The stake has been under the control of a court-appointed trustee since shortly after Cook went bankrupt in 2011. Buying Cook’s share will increase the Ranadive group’s ownership stake to 72 percent. NBA Commissioner David Stern’s office has already approved the latest deal, said NBA lawyer Martin Zohn, and the purchase could close Wednesday.
Bob Cook Rumors
Aaron Bruski: As reported first by the Sac Bee, @Vivek Ranadive to buy Bob Cook’s 7 percent stake in the Kings for $15.1 million.
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. “We’re just trying to get repaid,” said the creditor, Martin Boone, managing member of a Capitola firm called Omni Financial. He declined to comment further.
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.