New player in Sacramento Kings, Seattle Sonics tug-of-war
Feb 26, 2013, 4:32 AM | Updated: 9:31 am
As the basketball season continues in Sacramento, their city council will vote Tuesday on whether to enter formal negotiations with Mayor Johnson's investor group on plans for a new arena. (AP Photo/File)
(AP Photo/File)
New developments in the tug-of-war between Sacramento and Seattle over the Kings means another potential investor group has emerged.
Kings’ minority owner John Kehriotis is reportedly ready to announce plans for a $750 million deal to buy the Kings and finance a new arena in Sacramento. Fox 40 in Sacramento reports Kehriotis and his investor group already have $350 million banked and a commitment for the other $400 million.
These investors are different than the group assembled by Sacramento Mayor Kevin Johnson.
The Sacramento City Council will vote Tuesday on whether to enter formal negotiations with Mayor Johnson’s investor group on plans for a new arena.
Those investors have not yet been made public, though they are believed to be billionaire Ron Burkle and 24 Hour Fitness founder Mark Mastrov.
Find the latest Seattle NBA updates:
Investor Chris Hansen wants the run of KeyArena if Sonics return
Photos: The latest design concepts for a new Seattle arena
