Developer joins Kings investment bid; billionaire pulls out
Apr 9, 2013, 6:50 AM | Updated: 11:17 am
A day after the announcement that billionaire Ron Burkle won't be part of the deal to build a new sports arena and keep the Kings in Sacramento, another California investor has said he's jumping in. (AP Photo/File)
(AP Photo/File)
A day after the announcement that billionaire Ron Burkle won’t be part of the deal to build a new sports arena and keep the Kings in Sacramento, another California investor has said he’s jumping in.
The Sacramento Bee reports developer Mark Friedman will help fund the non-arena development that’s being proposed for the downtown area.
Friedman won’t say much about what his role will be with trying to keep the NBA in Sacramento, but says his commitment will be “substantial”.
KING 5 reports Sacramento Mayor Kevin Johnson said on Monday that Burkle would no longer be involved as an “equity partner” in either the team or an arena project.
Johnson said the NBA had expressed concerns about a conflict of interest because Burkle owns a company that represents NBA players.
Burkle had been expected to lead the development of a Sacramento arena. He also planned to join other wealthy investors trying to block a bid from investor Chris Hansen’s group that is hoping to buy and move the Kings to Seattle next season.
Johnson said Burkle was still interested in developing real estate around the proposed arena site.
The NBA is expected to rule on Hansen’s purchase agreement and relocation during the league meetings on April 18-19.
KIRO Radio’s Val Stouffer contributed to this report.
