By Steve Large

SACRAMENTO (CBS13) – Kings minority owner John Kehriotis says he is dropping out of the race to buy the majority stake of the team.

Kehriotis, a developer who owns 12 percent of the team, had said he had a plan to use private financing to buy the team and build an arena. He set Friday as the deadline for his investors to commit, but he said they didn’t.

Kehriotis owns operates the downtown Embassy Suites near Tower Bridge.


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