Sacramento mayor Kevin Johnson will name his big investors that will contribute towards a counter-offer to buy the Kings on Thursday at his State of the City address, according to CBS13.
The investor, or “whale,” is largely believed to be business magnate Ron Burkle, 24 Hour Fitness founder Mark Mastrov, or both. They are conceivably working together trying to put together an ownership group to produce a formidable offer.
Johnson’s bid to buy the team is expected to be in the range of around $580 million, a source tells SportsTalkFlorida.
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 will try to produce a counter-offer strong enough for the Board to vote down the sale.
“I’m under the assumption that the joint committee may want to hear from us sooner,”Johnson said. “We’re going to have all the agreements and all the actions and all the documents squared by March 1, as well as if there’s an opportunity to present to the joint committee prior to mid-April, then I feel very confident. We’re going to have all our ducks in order. We’re going to be ready before mid-April if that’s what it takes.”
The first step? Finding interested investors and produce a counter-offer that the Board of Governors can’t turn down.