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KINGS SALES COMPLETE AFTER TEAM FILES FOR CHAPTER 11
Published September 21, 1995
The "long-awaited" sale of the L.A. Kings was completed last night, after the team declared Chapter 11 to allow the deal to be finished. The team was sold by LAK Acquisition Corp. -- headed by Jeffrey Sudikoff and Joseph Cohen -- to Majectic Anshutz Venture, a partnership of Denver-based Philip Anshutz and L.A. developer Edward Roski, Jr. The bankruptcy move "helped the parties reach a definitive sale agreement for $114 million, including a binding agreement with Laker and Forum owner Jerry Buss that could move the team into a new arena yet to be built." There is an "approval hearing" scheduled for October 5 in U.S. Bankruptcy Court in L.A., and the sale also needs approval from the NHL Board of Governors. Anschutz and Roski also "have the option to purchase a minority interest in the Lakers." NHL officials had viewed bankruptcy as a final option, but "almost everyone involved recognized the neccessity of running the Kings through a cleansing process of bankruptcy, protecting the potential purchasers from unseen potential future liabilities." NHL General Counsel Jeffrey Pash said "the bankruptcy filing will have no effect on the club's operations" (L.A. TIMES, 9/21).