Sacramento Investor Group Submits Official Bid; Kings Play Final Season Game
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SACRAMENTO (CBS13) – The Sacramento investors have submitted their official bid to buy the Kings as the NBA owners meet to decide the team’s future.
The investors led by tech-guru Vivek Ranadive are submitting a back up bid to the NBA, should the league’s owners strike down Chris Hansen’s deal with the Maloof family.
“Vivek is a quality individual and if he says it’s a competitive bid, then I’ll stake everything I own that it is a competitive bid,” said Phil Oates, one of the local investors that has pledged $1 million to the Kings bid.
But the bids may not be even. After increasing their offer last Friday, Seattle is now offering $357 million dollars for 65 percent of the team. Sacramento has been planning to match the original bid of just $341 million.
Seattle’s arena plans have $200 million in public backing, while Sacramento has $258 million.
Environmental reviews have also begun in both cities for new arenas.
TV rights, corporate strength of each city, and ticket sales will also be a part of the review.
The board of governors’ decision should be based off of Article 7 in the NBA charter.
It looks at three things:
- Whether the current city supports the team.
- Will the city continue to support the team?
- Compares the TV deal, corporate sponsorships and ticket sales between the two cities.
The NBA Relocation and Finance Committee took most of the day in Manhattan combing through each proposal. The committee will make a recommendation to the rest of the league’s owners on which way the NBA should vote — either keep the Kings in Sacramento or allow the franchise to relocate north to Seattle.
Meetings with all 30 owners will take place in New York on Thursday and Friday, but a vote may not come until at least a week after. A league provision mandates at least seven days for owners to review the proposals.
Another piece of the Sacramento-Seattle saga was unveiled Wednesday, after news surfaced that Peter Holt, NBA Board of Governors Chairman and head of the NBA Relocation and Finance Committee, said that a possible expansion is not off the table.
Meanwhile, Kings played their last game of the season Wednesday night with many wondering if this would be their final game ever in Sacramento.
Fans filled Sleep Train Arena, hoping it wouldn’t be the last time they got to root for the home team.
Joining fans at the game was former Kings superstar-turned-investor Mitch Richmond.
“We’re here to win,” he said.
Johnson was also at the King’s season closer, saying that the team’s season may be over for now, but that the battle still continues.
“We certainly feel like we are in the playoffs off the court,” the mayor said.
The irony of the Kings opponent couldn’t be ignored. The L.A. Clippers were Sacramento’s first ever foe at the old ARCO Arena.
The Clippers’ radio play-by-play veteran Ralph Lawler called that game in 1985.
“It would be terrible for them to lose what is the only major sports team in the marketplace,” Lawler said of the possible move.
As the Kings finished what could be the team’s last game in Sacramento, many fans maintained a positive outlook, relying on the mayor and his pod of “whales” to keep this team.