Stake In NBA Kings Likely To Be Auctioned Off Following Minority Owner's Bankruptcy

NBA Kings investor Bob Cook's 7% stake in the team "is likely to be auctioned off as part of Cook's personal bankruptcy," according to Dale Kasler of the SACRAMENTO BEE. Cook's problems "wouldn't appear to affect the team's finances or its plans to move into a proposed downtown arena" in '15. But the sale of his share "could open a window of sorts on the team's finances, which have been shrouded in secrecy." Attorney Donald Fitzgerald, who represents the bankruptcy trustee overseeing Cook's affairs, said, "The stakeholders, the creditors, the NBA -- everybody's trying to figure out what it's worth." Court records show that the NBA in December "hired a lawyer in Los Angeles to keep tabs on Cook's bankruptcy." Cook has been a Kings minority owner and one of five limited partners since '85. The existing partners, including majority owner the Maloof family "would have first right of refusal to bid on Cook's share" (SACRAMENTO BEE, 3/13).