King owners Jeffrey Sudikoff and Joseph Cohen will not be involved with the team after they sell it to Denver billionaire Philip F. Anschutz and developer Edward P. Roski Jr., a transaction expected to close in October.
Cohen, who has been the team's chairman, will join Madison Square Garden, it was announced Friday. A King spokesman said Cohen was en route to New York and unavailable for comment.
Having started his business career at the Garden in 1970, Cohen will return as an executive vice president in charge of the MSG Network, sponsorship sales and new business development.
Bankruptcy court documents state Cohen will receive one year of severance payments worth $550,000. In addition, Majestic/Anschutz Venture (MAV) will assume and pay Cohen's outstanding vacation pay of $24,000 and a bonus of $125,000.