Kings minority owner John Kehriotis is heading an investment group that is planning to buy the team without any city money involved, a source has told FOX40 News.
Kehriotis and his group believes that they will need $750 million to buy the Kings and finance a new arena. The investment group has $300 million and a verbal commitment for $400 million, so they have the sufficient amount of cash to produce an offer.
Earlier on Monday, it was reported that the “whale,” or big investor that would put in a bid towards keeping the Kings in Sacramento would be announced this week.
Now, that whale appears to be Kehriotis, who has come out of nowhere to insert his name into the drama.
It was highly believed that the whale would be either business magnate Ron Burkle or 24 Hour Fitness founder Mark Mastrov, as both of them have been working to put together an investment group.
The Kings were sold last month by the Maloofs to a Seattle-based investment group led by Chris Hansen, but the sale is pending approval by the NBA Board of Governors.
Sacramento mayor Kevin Johnson will present his case to the Board of Governors in the coming weeks, and with Kehriotis on board, will try to persuade the Board to vote the sale down.