A bankruptcy judge has approved the sale of a 7 percent stake in the Sacramento Kings to Seattle-based hedge fund manager Chris Hansen, KCRA.com reported yesterday. Last month, Hansen filed a motion with the federal bankruptcy court in Sacramento, asking to purchase the share of the basketball team that belonged to former minority owner Bob Cook. Cook filed for bankruptcy, and his share was being held by a trustee. In court on Tuesday, it was disclosed that Hansen put down a $1.5 million nonrefundable deposit for the 7 percent ownership. The minority sale will still need to be approved by the NBA Board of Governors. If the NBA rejects the offer, Hansen would get his deposit back.
