Capital Public Radio has learned that an international company involved in the effort by Sacramento Kings minority owner John Kehriotis to buy the team and build an arena, has decided to increase its commitment from $350 million to $750 million.
The company's analysis and decision to increase the amount allows Kehriotis to make an offer for the team and to build a new arena. The Kehriotis group has not specified where in Sacramento it would build an arena.
Talk at the City Council meeting Tuesday night immediately turned to the Natomas property, site of the current Sleep Train Arena. Mayor Kevin Johnson, City Manager John Shirey and the Burkle/Mastrov group of prospective bidders have said in the past they prefer an arena downtown.
Sleep Train Arena, surrounded by parking lots and vacant land.