Sacramento has found momentum in their bid to Kings. Sacramento Mayor Kevin Johnson has continued to strengthen his cities bid to keep their beloved franchise in town.
In the last week, two more major “Whales” have joined Sacramento’s efforts to keep the team, and in doing so strengthened the bid to keep the Kings. Silicon Valley millionaire Vivek Ranadive joined the investors group trying to present a competitive bid to the NBA. The Jacobs family also joined the investment group only days after Ranadive.
Both Ranadive and the Jacobs family bring much needed financial status and a positive history with the NBA to the table. Ranadive is the Chairman and CEO of the software company TIBCO and is currently a minority owner of the Golden State Warriors. Paul Jacobs is the CEO of Qualcomm, another multi-million dollar software company based in San Diego.
The additions of both Ranadive and the Jacobs family significantly increase the offer to buy the Kings. The City will present the NBA its official proposal including an official plan to build a new arena in downtown SAcramento at the upcoming meeting in New York on April third.
The Sacramento City Council voted 7-2 on a non-binding term sheet and plans to build a new $448 million arena in the middle of downtown Sacramento. The development plan is a pivotal step for the people of Sacramento to rebuild and re-energize their city. The arena will only be a part of the new development, which will include new homes and office spaces as well as potentially bringing life back to a struggling K street mall.
The Kings as a team and a franchise will certainly hope to be done with all of this non-sense related to the impending sale of the team and the seemingly endless relocation saga. The players will finally have some certainty to rely on, and new ownership. regardless of whether the team stays in Sacramento or not, the Kings players need stability from management. Without any real form of leadership from your management, things begin to simply unravel.
The Kings will hope to have some idea after the April 3rd meeting in New York with regards to whether or not their recently ungraded counter offer stands a chance to keep their team. It seems almost certain, that the offer will need to be substantially higher from a financial standpoint for it to stand a reasonable chance of being accepted.
Several writers and sport announcers have started to write the Sacramento off after the Seattle group made a $30 Million non-refundable deposit with the Maloof’s to buy the team. However, with the NBA Board of Governors yet to vote on the fate of the franchise, the sale is not final and can be voided if the Board of Governors votes against the sale of the team. This would mean that the Maloof’ sessentially made $30 million for entertaining the Seattle groups offer, and would be free to accept other offers, and certainly ones that keep the team in Sacramento.