clock menu more-arrow no yes mobile

Filed under:

The city needs to get the Kings sale agreement ... now

The city doesn't have a copy of Chris Hansen's Kings purchase agreement. They should.

In this morning's Sacramento Kings update, The Bee quotes Kevin Johnson from yesterday's press conference saying that the city doesn't have the actual purchase agreement between Chris Hansen and the Maloofs. The city absolutely needs to rectify that right now, and they should be able to.

Remember: the collateral on the Kings' current loan with the city is a piece of the team. The Hansen purchase agreement is for the team, which is the collateral, which affects the loan agreement. There have got to be clauses in the loan agreement that require sharing of documentation regarding the collateral. (In fact, a local attorney tells me he has reviewed the public loan documents, and there is such a clause.)

So the city needs to demand the purchase agreement from Hansen and the Maloofs ASAP. That information is vital, I'm sure, to building a strong counter-offer to present to the NBA. This isn't a matter of what Hansen and the Maloofs should do: it's a matter of what they legally must.

And if they won't ... it'd be interesting to note whether that puts the Kings into default.