Source: Minority Owner has $750 Million Plan to Buy Kings, Build Arena

SACRAMENTO–

It is yet another plan to keep the Kings and build a new arena in Sacramento. This is an effort separate from the City of Sacramento’s attempts to keep the Kings — and this new group would not ask for a major financial contribution from the city. Their plan is privately financed.

FOX40 News was told Monday night by a source, wishing to remain anonymous, about a new group led by current Kings minority owner John Kehriotis. Kehriotis currently holds 12.2% of the Kings franchise.

According to the source, the group thinks it needs $750 million to buy the team and build the arena. The source, who is involved in the purchase effort, says the investment group currently has $350 million and a verbal commitment for $400. That would meet the goal.

This plan, the source says, is not site specific. The group could consider the railyards, Downtown Plaza and the current arena site in Natomas.

The next step for Kehriotis and his partners is to formulate a formal partnership agreement and get the promised $400 million in the bank. The motivation behind this effort? Do what is best for the city, the fans and the team, according to my conversation with the group insider Monday night.

I was not able to contact Kehriotis Monday night, but I expect he will be available for comment Tuesday.

11 comments

  • earl

    Too late. Team has already sold and you cant go back on a signed purchase agreement where $ has changed hands. Good try sac but the supersonics are back.

  • John

    Funny thing about your comment is even if the deal stayed in place with the Seattle group, the league still has to give them permission to be moved which they haven’t. And is the Seattle group really going to spend $500 million on a team they can’t move? I doubt it. Sonics are in Oklahoma sorry.

  • Rockerdude

    Earl, you and your type are desperate, it's obvious… or you wouldn't feel the need to post such a d-bag thing if it really was too late. Real classy for your cause dude. Not until the NBA says it's over is it over. Face reality. The Maloofs back doored a deal with Seattle, and it is not up to them. It is up to the league. The Kings are a franchise of the NBA. They can't just sell the team to whomever, and walk away while the new buyers do whatever crazy thing they want. The Kings have been in Sac 28 years now, and 19 of those have been sold out. Over those years we have had a better attendance then your blessed Sonics had. Check it. This is a good market that has been poisoned by the Maloofs the past few years. Unlike Seattle, the support is still there tho. You should be worried.

  • grantpacer02

    apparently its not too late since you took the time to comment on this. Good try earl the only thing back are the mariners. Never saw anything super about the sonics anyway. Except when they super left seattle.

  • ddaichiro

    Back in April 2012 when the Maloof Arena deal collapsed would have been the time to save the franchise instead of waiting until now. If Sacramento really wanted to keep their team, they would have worked on a plan months ago. The owners want Seattle back – Great Fans – New Building – Rich Owners.

  • cutcutcut

    You Seattle people are very gracious in your approach to Sacramento. Nice. I tend to think this potential deal might be a bit too late as well, but only because Sac is already at the wall. Time is almost completely up. With $400M still outstanding this is far from a complete group with a complete proposal. It could also damage KJ's effort to get a new arena deal done in Sac because there will be some NIMBYs pointing to this group saying that public financing is not even necessary.

  • Rockerdude

    I created a comment last night that apparently wasn't up to Fox40 standards as it wasn't posted. There wasn't anything derogatory or obscene in it. I will never participate on this website again. Apparently they are ok with Seattle fans trolling though.

  • Richardfg7

    I don't understand all the secrecy around the "whale" issue. If they have an person who will fund this thing why isn't he named yet ? It doesn't look good for Sacramento in my eyes. Not naming the investor(s) just seems flaky and the Seattle deal is rock solid.

  • sonicsfan7777

    Sonics fan here. I apologize on behalf of the idiot sonics "fans" on here who came to troll and/or make stupid comments, as it wasn't long ago that WE in Seattle got our Sonics stolen from us by that fat idiot piece of trash Clay Bennet and all his corrupt friends, as well as that money-hungry weasel piece of s*** David Stern. I assure you that not all Sonics fans are like this, and actually very few support stealing from another city. However, regardless of what happens, I think it's important to keep it in perspective, as it's not the fans of the city you should be upset with. It's the owners and David Stern, as well as your local representatives.
    There were some people in Seattle who were pissed off at the Oklahoma fans for stealing our sonics, when in actuality it had nothing to do with them and everything to do with our incompetent state legislators, as well as the stupid group that bought them, but MAINLY the former owner, Howard Schultz, hence why I haven't gone to Starbucks since 2005 and refuse to ever go again. I also haven't watched the NBA since the day our team was stolen.
    So anyways, we here in Seattle understand your frustration and know what you're going through, and please realize that these morons on here trolling and claiming their Sonics fans probably aren't.
    The bottom line is something needs to be done to prevent owners from taking their teams to other cities or holding their own cities hostage because they're too stupid, lazy, incompetent, or cheap to finance a stadium themselves.
    The NBA has gone to s*** and it's all because of these corrupt owners (not all owners) who only care about their bottom dollar and have NO regard for their fans

    So once again Sac fans, I apologize for what your city is going through, as I know how painful it is.

  • gdlake

    Earl Im sorry but that agreement does not mean anything without the league approval. And trust me , if you knew anything about the Maloofs then you would not be counting your chickens. Despite what you folks think…. this is far from being decided!

  • Kings fan

    Wow. There is a lot you don’t know up there in Seattle. Sac tried to make an offer to the magoofs to buy the team (burkle) when they were going to move to Anaheim. MBA shot that move down. Magoofs have said repeatedly since then that NO WAY is the team for sale. We woukd have been putting offer(s) together if we thought they would sell. Then they stab us in the back by making a secret deal with Seattle.

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