McNall Reportedly to Sell Most of Kings

Bruce McNall’s tentative plan to sell a piece of the Kings involves divesting himself of about two-thirds of the club, sources familiar with the deal said.

The percentage McNall is selling in the $60-million deal has until now been a well-kept secret. McNall and the prospective buyers have declined to reveal the percentage, citing a confidentiality agreement.

But several sources confirmed that McNall will be parting with a majority of his interest in the club if the sale to Culver City telecommunications executive Jeffrey Sudkioff and associate Joseph Cohen goes through.

Separately, Sudikoff said Friday that the deal might not close for another two weeks due to factors such as the complexity of the deal and the later-than-expected signing of a new contract by King superstar Wayne Gretzky.

The transaction had been expected to close by the end of this month. Sudikoff is the chief executive and founder of IDB Communications, a fast-growing telecommunications company. His bid for the Kings beat a competing offer from an affiliate of Sony Corp., which wanted to buy a minority position in the Kings and also own a piece of the Lakers.

McNall has said that the partial sale is needed to help finance a new state-of-the-art arena in Los Angeles where the Kings can play under more favorable financial conditions.

Negotiations also involve Los Angeles Lakers and Forum owner Jerry Buss, with whom the Kings have a long-term lease. One scenario involves Buss joining in the arena development so that the new facility would house both the Kings and Lakers.

In a recent interview, a lawyer for McNall confirmed that the tentative sale will also allow McNall to rid himself of a major loan with Bank of America, which separate sources have described as a $90 million line of credit.

McNall, 43, invested in the Kings in 1986 as a partner with Buss, assuming a majority interest two years later. The team’s popularity has mushroomed since McNall’s historic 1988 acquisition from the Edmonton Oilers of Gretzky, who is four goals short of tying Gordie Howe’s all-time National Hockey League record for goals scored.