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Local Investors Commit $20 Million to Help Keep Kings in Sacramento

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(Sacramento, CA)
Tuesday, January 22, 2013

Update: 5:35 p.m. Johnson announces 20th partner puts up $1 million

From Twitter:

Kevin Johnson ‏@KJ_MayorJohnson

Great event today! 19 local leaders pledging $1M each for local ownership grp. Just got off phone w 20th! Sac is stepping up! #playingtowin

Original story:

Mayor Kevin Johnson announced the commitments before about 100 Kings fans at City Hall Tuesday afternoon, "In three days, we got 19 people to come in at a million dollars in our community and these local folks said we are happy to partner with whomever the equity partner will ultimately be."

Developer Phil Oates is one of the people to commit to the effort, "It's time to fight. Somebody wants something that I own.  It's mine! And I'm not giving it up easily.   I owe it to my kids.  I owe it to my grandchild that's going to be born in May."

Local ownership is part of Mayor Kevin Johnson's plan to keep the Kings from being sold and moved to Seattle. This week Johnson hopes to announce the selection of a major equity partner with a commitment  to build an arena downtown.  To show the strength of support for the Kings in Sacramento, the website herewebuy.org has pledges from 4,700 fans for  $18 million in season ticket sales.   More than 9,000 people have signed a petition urging the NBA to reject the Seattle group's offer. 

Tuesday's announcement leaves Sacramento more than $400 million short of what is needed to match the offer made by the Seattle group of hedge fund manager Chris Hansen and Microsoft Chief Executive Officer, Steve Ballmer.

Mayor Johnson will present the local ownership group's proposal before the National Basketball Association Board of Governors in April.   

The local investors are: gynecologic surgery specialist, Dr. Nate Allen, Elks Tower and Rail Bridge Cellars Winery principal owner Steve Ayers; Sleep Train Mattress Center founder, Dale Carlsen; Chairwoman of Vanir Group of real estate, construction, and green energy companies, Dorene Dominguez; real estate investors and developers, Michael and Ken Fahn; Brad Jenkins, President of telecommunications company, O1 Communications; founder of Stanford Ranch 1 LLC, President of McClellan Business Park, and one-time co-owner of the Kings, Larry Kelley; Rob Miller, CEO of People Finders; Town Center co-owner Kevin Nagle; Phil Oates of the Buzz Oates Group of Companies; video game developer, Mark Otero; President of the Sacramento Jet Center, Scott Powell; dentist, Dr. Aaron Reeves; educational programming developer, John Stone; developer, David Taylor; developers Angelos and Kyriakos Tsakopolous; and multi-family housing developer, Ali Youssefi.

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