Recently proposed multiple input multiple output radars based on matrix completion (MIMO-MC) employ sparse sampling to reduce the amount of data that need to be forwarded to the radar fusion center, and as such enable savings in communication power and bandwidth. This paper proposes designs that optimize the sharing of spectrum between a MIMO-MC radar and a communication system, so that the latter interferes minimally with the former. First, the communication system transmit covariance matrix is designed to minimize the effective interference power (EIP) to the radar receiver, while maintaining certain average capacity and transmit power for the communication system. Two approaches are proposed, namely a noncooperative and a cooperative approach, with the latter being applicable when the radar sampling scheme is known at the communication system. Second, a joint design of the communication transmit covariance matrix and the MIMO-MC radar sampling scheme is proposed, which achieves even further EIP reduction.