Sacramento Kings Minority Owner to Lose Stake in the Team?
In Sac-Town, it’s now just the Maloofs who have money problems. Minority owner Book Cook could lose his stake in the franchise, reports the Sac Bee: “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. 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. Cook put up his Kings stake as security when he borrowed $10 million from Omni four years ago, according to court records. He defaulted on the debt, which now totals $13 million.”