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.