Things have been weirdly quiet on the Sacramento Kings front since Tuesday’s council vote, with the only big news being that would-be Seattle owner Chris Hansen has placed the winning bid for the 7% share of the team that was tied up in bankruptcy court. Hansen will pay $15.1 million for Bob Cook’s shares in the Kings, which seems like a huge bargain given that this would project a total valuation for the team of only $215 million.
Hansen may pay that much for the shares, I should say, because there’s a long way to go before this gets finalized: Other Kings minority owners still have time to match Hanson’s bid, and the NBA can still reject the sale outright. So this it mostly a PR move to try to get Hanson some Seattlecentric headlines, as well as an attempt to grab a bit more control of the team on the cheap for if and when the NBA okays a move to Seattle.
Any real news, then, is going to have to wait till next Wednesday, when NBA owners meet to hear the arguments by both Hansen’s group and representatives of the prospective Sacramento buyers for why the relocation of the team to Seattle should or shouldn’t be approved. Though given the last time we went through all this, we’re probably going to have to wait another week or so until people start leaking what happened inside the meetings before we get much sense of the Kings’ likely fate.