Vivek Ranadive is the founder of the billion-dollar software company TIBCO.
City Manager John Shirey announced Ranadive's inclusion in the investment group at a community meeting of 200 people at City Hall Thursday night.
Though there is no term sheet for an arena agreement, Shirey says the two sides are still negotiating. He says a 35-year lease will be one of the terms, "I'm pretty tired of playing this game every year. OK? As part of any transaction, there must be a commitment to keep the team in Sacramento for a long term."
Many in the crowd were Kings fans and arena supporters like Todd Mohammed wearing a white and purple Crown Downtown t-shirt. He was unphased by the lack of a deal. "If they get it done by, hopefully, soon, and everything's correct and everything's good and it benefits everybody, then I'm all for it."
At one of the information tables, in the City Hall foyer, Kevin Coyle asked Jim Rinehart with the Economic Development Department about the length of time the City and developers have had to make a deal,
Q:"Putting together a plan in three or four weeks, is that best practices?
A:"I don't think that's an accurate statement. You know, the Kings have been around for a long time and there have been many studies over many years."
Inside Council chambers, City Manager John Shirey told 200 people negotiations between arena developers and the City are continuing.