Kehriotis says his timeline depends solely on a group of international investors, not on the Mayor. The minority owner is waiting for the final approval of $750 million from an international group of investors that would be split between a bid for the team and a new arena in Sacramento. An NBA spokesman says there is no deadline for anyone to make a bid to buy the team.
If Kehriotis is successful in attaining the capital, there will be three primary differences between his bid and the one filed by Mastrov this morning.
For one, Kehriotis and his group would make an offer directly to the Kings' majority owners, "The NBA doesn't own the team. The Maloofs do. I have contractual rights as a limited partner. I have good relationships with my partners and they're willing to let me submit an offer."
Second, all of the money would be private with no need for public investment.
And third, Kehriotis has not identified a preferred arena site. He says he has a high opinion of the people behind JMA Ventures - the company that owns the Downtown Plaza. JMA has a previous history with Ron Burkle -the man chosen by the Mayor to help finance and build an arena downtown But, Kehriotis has also previously said he thinks Natomas makes sense as a site for a new arena.
As for the seven percent of the team previously owned by Bob Cook that is now in bankruptcy court, Mayor Johnson announced that a group of 25 local businesses and former player Mitch Richmond has pledged $1 million dollars towards local ownership and were putting together a proposal for those shares.
The shares are due to be auctioned off April 9. But, the group of Johnson millionaires may ask a judge to allow a straight purchase before the auction. They would have to show the court such a purchase would be more beneficial to the estate than allowing the shares to be auctioned on the open market.
The Kings ownership contract say Cook's co-owners have the first crack at matching any offer for available shares because of the first right of refusal. No minority owner has publicly stated an intent to join the Mayor's group.