Sacramento mayor Kevin Johnson tweeted that a deal has been reached to build a new downtown arena for the Kings.
“I’m pleased to announce an agreement with the Burkle-Mastrov-Ranadive group on a public-private partnership to build a new [arena] at Downtown Plaza Mall,” said Johnson. “Consistent with our core tenets, the deal avoids new taxes, protects the City on the Kings loan, and ensures no net impact to the general fund.”
The potential new ownership group will invest up to $1 billion in Sacramento, and ensure that the Kings will stay in town for at least the next 35 years.
Earlier this week, it was announced that Vivek Ranadive, a billionaire entrepreneur and minority owner of the Golden State Warriors, had joined Mark Mastrov and Ron Burkle in Sacramento’s bid to keep the Kings.
Ranadive would lead the bid and be the face of the franchise if successful.
An investment group led by Mark Mastrov and Ron Burkle officially submitted an offer to the NBA to buy the Kings earlier this month.
The Kings were sold a few months ago to a Seattle group led by Chris Hansen, but is pending approval from the Board of Governors.