Vivek buys Cook's 7%

[Section 101]

Vek buying cooks 7% for 15.1 mil.

 

[kennadog]

Vek buying cooks 7% for 15.1 mil.

Saw that in the Bee. That's what Hansen's bid was. So officially the new group of owners will control 72% of the team. 28% still belongs to the remaining prior minority owners, like the Benvenuti family, etc. Hooray!

Yes, the Bee reported that all Maloofs Sports and Entertainment signs at the arena were taken down Friday. This is the last time you will see me type their name at Kingsfans.com (or likely anywhere else).

 

[KingsFanSince85]

Vek buying cooks 7% for 15.1 mil.

That's a pretty good deal, considering the amount paid for the 7% equates to around a $215M valuation.

By adding the 7%, Vivek and his fellow investors paid a total of $362.85M for 72% of the franchise, which amounts to around a $504M valuation rather the $535M valuation when only the 65% was purchased.

 

[Krunker]

What is the name of the new company replacing MSE (or is their a formal named company yet?)

 

[PurpleHaze]

What is the name of the new company replacing MSE (or is their a formal named company yet?)

Who know and does it matter? Ranadive & Co. Enterprises Ltd. or some such might work if there's need for "a name." What's Mark Cuban in Dallas or Buss family in Lakerland call theirs?

 

[Andriod_KiNg]

But but he has no money ?!

 

[Trueblood]

What is the name of the new company replacing MSE (or is their a formal named company yet?)

Not sure although it will be interesting to see if Vivek hires a management company for the final 3 years at STA as well as the new arena. While AEG doesn't have a financial stake in the DTP arena like they would've at the railyards, Vivek could still bring them in to manage the building due to their connections. Not sure what AEG charges but I'm sure it would be worthwhile and could keep the new building busy for up to or even over 200 nights a year.

 

[ockingsfan]

That's a pretty good deal, considering the amount paid for the 7% equates to around a $215M valuation.

By adding the 7%, Vivek and his fellow investors paid a total of $362.85M for 72% of the franchise, which amounts to around a $504M valuation rather the $535M valuation when only the 65% was purchased.

The $504 valuation for 72% of the team sure looks like a much better value for Vivek and co.

Since the Warriors sold for $450 million 3 years earlier and I'm sure Vivek sold his portion of the Warriors for a nice profit, buying the Kings looks like a much fairer deal at a little over $500 million.

I just wonder why Cook did not try to add his shares into the Maloofs shares when they sold to HB, to get more money. Or was it too late, because he was already in bankruptcy before the Maloofs sold to Hansen-Balmer or did he not want to be associated with the Maloofs and Hansen-Ballmer?

 

[PurpleHaze]

The $504 valuation for 72% of the team sure looks like a much better value for Vivek and co.

Since the Warriors sold for $450 million 3 years earlier and I'm sure Vivek sold his portion of the Warriors for a nice profit, buying the Kings looks like a much fairer deal at a little over $500 million.

I just wonder why Cook did not try to add his shares into the Maloofs shares when they sold to HB, to get more money. Or was it too late, because he was already in bankruptcy before the Maloofs sold to Hansen-Balmer or did he not want to be associated with the Maloofs and Hansen-Ballmer?

I recall Bob Cook saying (as life-long resident of Sac) that he was no longer a Maloof supporter once they started down the road of trying to leave town (Anaheim, etc.) even though he understood their years of frustration trying to get a new arena deal with the city. Then later when proposed Seattle deal was announced he was said to have made personal inquiry to "his friend or acquaintance" Larry Ellison to see if that card could be played. I think once Cook's Kings shares were in bankruptcy he was no longer in control of his 7%.

 

[Section 101]

The $504 valuation for 72% of the team sure looks like a much better value for Vivek and co.

Since the Warriors sold for $450 million 3 years earlier and I'm sure Vivek sold his portion of the Warriors for a nice profit, buying the Kings looks like a much fairer deal at a little over $500 million.

I just wonder why Cook did not try to add his shares into the Maloofs shares when they sold to HB, to get more money. Or was it too late, because he was already in bankruptcy before the Maloofs sold to Hansen-Balmer or did he not want to be associated with the Maloofs and Hansen-Ballmer?

Cook is the reason the team stayed in Sacramento. He's the one that had stuff added to the shareholder stuff when Jim Thomas bought the team that keep the team here.

 

[kennadog]

Cook no longer had control over the assets turned over to a trustee for the bankruptcy.

 

[PurpleHaze]

Vivek Ranadive now owns 72% of Kings after judge approves 7% bankruptcy sale despite last minute attempt by Bob Cook to retain.

http://www.sacbee.com/2013/06/10/5485731/court-approves-sale-of-kings-share.html

 

[Kingsfan23]

504 valuation is still too much for my taste.. I don't know if proper precedent has been set.. When this saga began I complained that the precedent of wealthy outsiders being able to come in, buy teams for exorbitant prices, and be able to relocate them from viable markets is unethical, not sound for the image of the NBA, and shouldn't be tolerated.. The fact that we had to match the 525 annoys me and doesn't set the proper precedent.. So now, according to what happened here, all local markets who want to keep their teams need to match the way-above market price set by the poachers.. not cool