Kings minority owner John Kehriotis is “very, very close” to finalizing his plan to buy the Kings and build an arena in Sacramento, he told FOX40 News.
Last month, it was reported that Kehriotis was planning to place a bid to buy the Kings from the Maloofs,
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.
They will be competing with fellow Sacramento businessmen Mark Mastrov and Ron Burkle, who have already submitted their bid to buy the Kings. They were the “whales” that mayor Kevin Johnson was seeking to invest in the team and a new arena.
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.