 At the same time, McNall defaulted on a loan from Bank of America, who threatened to force the Kings into bankruptcy unless he sold the team.After the federal government launched an investigation into his financial practices, McNall finally sold the club to IDB Communications founder Jeffrey Sudikoff and former Madison Square Garden president Joseph Cohen.It later emerged that McNall's free-spending ways put the Kings in serious financial trouble; at one point, Cohen and Sudikoff were even unable to meet player payroll, and were ultimately forced into bankruptcy in 1995.