March 21, 2013 at 3:21 PM
A third investor emerges for Kings — but term sheet does not
There was news concerning Sacramento’s effort to keep the NBA’s Kings from coming to Seattle today — but not what was expected.
It was thought that the city would release a term sheet detailing the specifics of the financing plan for a new downtown arena, which is necessary for the city to have a chance to keep the team. Instead, according to the Sacramento Bee, city officials say it is still not ready. (The mention of the discussion of the term sheet is included on the City Council agenda for Tuesday but does not include details).
However, the Sacramento Bee also reported today that a third investor has emerged to bolster the offer of the group making a bid to purchase the team — Vivek Ranadive, also a limited partner and vice chairman of the Golden State Warriors. Here is that story.
NBA commissioner David Stern said two weeks ago Sacramento’s offer to buy the team would have to be improved to be considered by the league’s Board of Governors when it meets next week whether to approve the Seattle offer. Sounds like it is hoped that Ranadive will help bridge that gap.
Ranadive would have to sell his interest in the Warriors if he becomes an owner of the Kings.
UPDATE — Here’s more on the new Kings investor from CBSSports.com.
UPDATE NO. 2 — The City of Sacramento just released the following statement from city manager John Shirey on the status of the term sheet:
“We continue to make progress and have productive discussions with the Investor Group. It is important to get this right and not rush to make an artificial deadline. The bottom line for me is to get the best deal possible while adhering to the Council’s adopted core principles, including a city commitment comparable to last year, no new taxes, and protection for the General Fund.”