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SALE OF KINGS THREATENED -- BANKRUPTCY STUMBLING BLOCK
Published May 15, 1995
An undisclosed offer to buy a majority interest in the Kings was made last week by CO billionaire Philip Anschutz and Southern CA developer Edward Roski, "but it is far from a done deal," according to Dillman & Reich of the L.A. TIMES. The "major stumbling block" remaining is the 28% controlled by Bruce McNall's bankruptcy trustee, R. Todd Neilson. According to Neilson, the 28% is "critical and essential because it includes an option to repurchase up to 80% of the team." If the sale goes through, Anschutz reportedly "has no plan" to move the Kings. Sources say he wants to build a new arena for hockey and basketball in downtown L.A. near Dodger Stadium, on land near Chinatown owned by his company, Southern Pacific Railroad Corp. (L.A. TIMES, 5/13). Sources close to the negotiations say that the deal is worth $75M (PHILADELPHIA INQUIRER, 5/14). In Boston, Kevin Paul Dupont notes Anschutz is the developer of Denver's new Pepsi Center, and writes, "It's unclear right now whether Anschutz wants to be a team owner or a key player in the building of a new arena to replace the Great Western Forum in Inglewood" (BOSTON GLOBE, 5/14).