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King's Investors Announced

Discussion in 'NBA Dish' started by atomicanderz, Feb 28, 2013.

  1. atomicanderz

    atomicanderz Member

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    http://www.sbnation.com/nba/2013/2/28/4041318/kigns-sale-ron-burkle-mark-mastrov

    Sacramento mayor Kevin Johnson announced Thursday that Ron Burkle and Mark Mastrov are indeed the businessmen who have for weeks been considered key investors in the city's attempt to keep the Kings franchise in California's capital. In the State of the City speech, Johnson finally completed the major step toward convincing the NBA Board of Governors to vote down the city of Seattle's bid to acquire the franchise. The Mastrov team will submit a bid to keep the Kings in Sacramento to the league and the Maloofs.

    The Kings majority owners, the Maloof family, have come to an agreement to sell the team to the Seattle-based ownership group led by hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer.

    Burkle, a billionaire and grocery business owner, and Mastrov, owner of 24 Hour Fitness, have been the so-called "whales" that Johnson and the city need to fund their project. Johnson has already garnered support from other minority investors in the city.

    "Mark is ready to build a winner. He wants to buy this team for one reason, and one reason only: to win a championship in Sacramento," Mayor Johnson said.

    Meanwhile, news arose earlier this week that a third party could be involved in working out a deal should the Seattle move fall through. Current minority owner John Kehriotis has reportedly put together an offer to buy the Kings, according to the Sacramento Bee, but he would need even more support since the city is behind Johnson's cause.

    Now, Johnson's group must put together a financial plan for the franchise moving forward in order to convince the NBA that the team is worth keeping in Sacramento. David Stern has said the league will hold a mid-April meeting to decide upon the franchise's future.
     
  2. atomicanderz

    atomicanderz Member

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    Here's another one that mentions WNBA’s Sacramento Monarchs to be brought back under new ownership to play in new arena.

    http://aroyalpain.com/2013/02/28/ron-burkle-mark-mastrov-announced-as-whales-hoping-to-keep-kings-in-sacramento/


    Although Ron Burkle and Mark Mastrov have been long rumored to be the mega-whales behind the plan to keep the Kings in Sacramento, they were never formally announced – until tonight. In front of a solid crowd at the Memorial Auditorium chanting “SAC-RA-MEN-TO”, Sacramento Mayor Kevin Johnson announced the two billionaires as the large equity partners in his bid to retain the Kings during tonight’s State of the City address.
    Mastrov, who was the founder and former CEO of 24-Hour Fitness joined Ron Burkle, who made his money in numerous companies though is most famous for his grocery store chains, as the two major financial entities in the plan to keep the Kings local.
    Burkle is no stranger to professional sports as he’s part owner of the NHL’s Pittsburgh Penguins and ironically enough, saved the franchise from potential relocation and was an intricate part in helping the Penguins secure a deal for a new arena. Burkle has also been heavily linked to AEG, owner and operator of many NBA/NHL arenas (and undoubtedly, a company who would help build a Sacramento arena) as well as other entertainment and sport companies. Mastrov on the other hand hasn’t dipped his feet into the professional sporting scene nearly as deep as Burkle (made an attempt to buy the Golden State Warriors, has heavy interest/investment in UFC), though, his enthusiasm and hefty pockets will be a welcome addition to the assembled team of investors.
    Other important notes from the presser:
    Mayor wants private/public partnership.
    Guarantees city will be protected on their $70 million dollar loan.
    Expects long term commitment from team.
    Wants arena downtown and will work to make sure Natomas site will be used properly.
    Over 20 investors who’ve committed over $1 million each to ensure a strong local presence in team ownership. Currently working to have those investors buy the 7% stake of ownership currently held in bankruptcy case. Cited former Sacramento Kings great Mitch Richmond as investor.
    Cited Mastrov as the equity buyer for the team, Burkle as equity buyer for arena.
    Downtown plaza would be home of new arena. Burkle will partner with JMA and Todd Chapman, owners of Downtown Plaza, to develop said arena – railyards no longer an option.
    Announced that corporate community has pledged $50 million annually for the first five seasons in new arena.
    WNBA’s Sacramento Monarchs to be brought back under new ownership to play in new arena.
    Cites seven billion dollars of economic impact over the next 20 years with downtown arena, three million new visitors annually as well as $160 million annually.
    Mayor Johnson finished his evening by stating that a “very strong” and “competitive” bid would be submitted to the Maloof family as well as the NBA tomorrow, who Johnson says will give him “full consideration” per David Stern.
     
  3. Aleron

    Aleron Contributing Member

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    Unless they at least match Hansen, it's going to Seattle, no way the owners vote down "get paid more so as to move to big market".
     
  4. Han Solo

    Han Solo Member

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    Thought the move to Seattle group was complete?
     
  5. Haymitch

    Haymitch Custom Title
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    This will only make the inevitable move to Seattle all the more painful for Kings fans.
     
  6. Jontro

    Jontro Member

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    For a second there, I thought this was going to be about LerBon. That's why I was confused how a player would have investors. Too many LerBron stuff on espn for me.
     
  7. Carl Herrera

    Carl Herrera Contributing Member

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    No surprise this group emerged after Patrick Patterson joins them.
     
  8. OlajuwonFan81

    OlajuwonFan81 Member

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    I would not count out Sac.....although chances are slim if the offer is near what seattle is offering I think the board of governors will be hard pressed to allow them to move.
     
  9. Aleron

    Aleron Contributing Member

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    why is that? I actually see very little reason the board of governors will reject it.

    It's in their best interest for that team to be in a bigger market, it's in their best interest to support the biggest offer, and several teams would just like to see them out of california.
     
  10. Raven

    Raven Member

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    Rename them the Seattle Vipers, since they are Morey's second D League team.

    :)
     
  11. atomicanderz

    atomicanderz Member

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    @KBergCBS: Mayor KJ on Seattle getting a team someday: "Let me be perfectly, crystal clear. It is not going to be this team. Not our team. No way."

    I think I agree. I have a lot of friends in Sacramento that are season ticket holders. They all feel like Kevin Johnson will get the job done.
     
  12. dkamberi25

    dkamberi25 Member

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    I just want a team in Seattle so I can see the green and white color combo and hopefully the name Supersonics with either their early 90's look, or something close but not what they went to before they were relocated.
     

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