Tycoon joins Calif. team to keep NBA's Kings out of Seattle
SACRAMENTO, Calif. (AP) - The effort to keep the Sacramento Kings from moving to Seattle got a boost from a Silicon Valley software tycoon who was introduced as the new lead investor.
Vivek Ranadive will join Sacramento's bid to keep the team, which includes health-club financier Mark Mastrov and billionaire Ron Burkle, according to the Sacramento Bee.
Ranadive's involvement comes after NBA Commissioner David Stern said earlier this month that the Sacramento group's offer needed to be increased before league owners would consider it.
Sacramento Mayor Kevin Johnson, who recruited the Burkle-Mastrov group, said adding Ranadive takes the effort "to the next level." A former All-Star point guard, Johnson has been working to keep Sacramento's only professional franchise from bolting.
The Maloof family has agreed to sell 65 percent of the team to hedge-fund manager Chris Hansen and Microsoft CEO Steve Ballmer for $341 million. Hansen's group plans to move the team to Seattle.
Ranadive is chairman and chief executive of TIBCO Software and already part-owner of the Golden State Warriors. If the bid is successful, he would sell his stake in the Warriors.
Any deal to keep the Kings in California's capital would have to include plans for a new arena, and the city is trying to get its arena proposal approved by the City Council next Tuesday so it can be presented to the league.
On April 3, the NBA is scheduled to hear competing proposals from Seattle and Sacramento. A final decision will be made by the full board of governors in mid-April.
Vivek Ranadive will join Sacramento's bid to keep the team, which includes health-club financier Mark Mastrov and billionaire Ron Burkle, according to the Sacramento Bee.
Ranadive's involvement comes after NBA Commissioner David Stern said earlier this month that the Sacramento group's offer needed to be increased before league owners would consider it.
Sacramento Mayor Kevin Johnson, who recruited the Burkle-Mastrov group, said adding Ranadive takes the effort "to the next level." A former All-Star point guard, Johnson has been working to keep Sacramento's only professional franchise from bolting.
The Maloof family has agreed to sell 65 percent of the team to hedge-fund manager Chris Hansen and Microsoft CEO Steve Ballmer for $341 million. Hansen's group plans to move the team to Seattle.
Ranadive is chairman and chief executive of TIBCO Software and already part-owner of the Golden State Warriors. If the bid is successful, he would sell his stake in the Warriors.
Any deal to keep the Kings in California's capital would have to include plans for a new arena, and the city is trying to get its arena proposal approved by the City Council next Tuesday so it can be presented to the league.
On April 3, the NBA is scheduled to hear competing proposals from Seattle and Sacramento. A final decision will be made by the full board of governors in mid-April.
Ranadive is chairman and chief executive of TIBCO Software and already part-owner of the Golden State Warriors. If the bid is successful, he would sell his stake in the Warriors.
So why would the NBA be interested in a "already team owner" of the Golden State Warriors just trading his ownership over form Golden State to the Sacramento Kings?? What does this do for the Team he's bailing on if the "bid is succesful"?
I don't care either way but I really think the NBA should disregard him if he's just gonna transfer ownership from one team to another. How does this help anything??
*yawn* It's up to the current ownership whether this counteroffer by Sacramento will be accepted or not, not the NBA. We'll see if Sacramento gets "Maloofed" one more time or not.
Thunder has yet to pay their transfer fees
The Kings were stolen from Kansas. The Sonics(yet be proven in a court of law) may have been bought with stolen money. Read about McClendon's troubles. The Thunder has been running on borrowed money from Chesapeake Gas, Money taken by an employee!!
You had a team you lost a team
Take notice how sac town is doing so if you ever get an nba team again you can maybe save your team from getting got as they did previously
LA had 2 football teams and lost them. So does that mean they should never get a football team again.
Sp if Seattle doesn't get a NBA team by this July - doesn't Clay Bennett owe us like 50million?? Â and isn't he the chair of the "relocation committee" ? Â Â I think it's all interesting... Â I think the decision has already been made, and those folks are just spinning their wheels
I think you may be right about the 50 mil. I'm sure he doesn't want to open his change purse for that.
I enjoy watching the NBA play the cities off each other for more money. Â
Sacramento gets to keep their team, but they are being blackmailed essentially into building a new arena. Â
Ha.
First, who give a poo and second, who gives a poo!
@Bianca I'm guessing Sonicsfans. Duh! Then why are you here, reading and commenting on it?
@Zoso @Bianca because it is their right to voice a objection to this crap. The economy is still in the toilet, the Middle East is burning down, North Korea has ICBMS that can reach washington state. and all these idiots want is grown men bouncing a rubber ball on a wood floor in their underwear. need to get priorities corrected.
@Exiled_Patriot Okay, so the team owners, the league, sportsfans, ect. are responsible and are in a position to do something about the economy, the Middle East, North Korea rather than what you call "bouncing a rubber ball on a wood floor in their underwear?" How do you even make the relation here? Your comment makes absolutely no sense! And FYI, you wanna talk about the economy? Let's talk about what would happen to the local economy if the team should come here. It would provide job for those building the arena, people working for the concessions as well as ushers, ect. and not to mention it would earn money for the city and local businesses. Ignorant much?
Our billionaire can beat up your billionaire.
Seems to me like if the family has agreed to sell 65% of the team to Chris Hanson then they should be held to that.  This started out as a private business selling to another party and how the government got involved in this is beyond me.Â
Good! I hate basketball and all thing that go with it!
@Exiled_Patriot 5 bucks says I feel the same way about the things you enjoy. I hate people like you.
@undefined @undefined in todays economy that money to be invested could go to build homes for the homeless feed thousands all year long. every homeless person in seattle could with the money being invested. Have a new home built for them and funished and money left over. But you just think about your selfish things and such. I sure would hate to be you being so greedy and uncaring over the plight of the homeless/
@Exiled_Patriot Well then you don't have to watch it then. Sure glad not everyone has your attitude.
@Zoso @Exiled_Patriot one of the happiest days of my life was when the sonics left seattle to bad the new owners did not keep the rights to the name as well.
@Exiled_Patriot I rest my case. THX for proving my point.
The article forgot to mention that Mastrov is not going to be the lead investor in the team purchase anymore. Â M is still on, but not in the lead position.
It has been updated now.
He's not trying to keep the team out of Seattle specifically; he's trying to keep the team home.Â
AP should be embarrassed at this ridiculously sensational misleading headline and the KOMO zombies who blindly copy-paste everything these days should be embarrassed for not fixing it. Â
Sensational - absolutely! They could have just created this piece "in-house" with the info that is publicly available.
The NBA might have the final say when it comes to where the team goes, but I'm pretty sure they can void a contract between two private parties.
It was a tough call but no blond jokes...
@Windowseat LOL! The first thing out of my mouth when opening this article was something along the lines of "classic bimbo."Â
Another shell game... You pick which one.
Tycoon? Seriously? Who says that anymore.
@Goodwin I thought you said Raccon, makes about as much sense
The AP.
Money, Â Money, Money I luv the freaking crap. LUV IT.