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Second Bid to Keep Kings In Sacramento Fails

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(Sacramento, CA)
Friday, March 29, 2013

An international group of investors, including one from Hong Kong could not free up enough money in time to make a presentation before the National Basketball Association next week. 

John Kehriotis is a minority owner of the team.  He says the idea to bid for controlling interest of the team wasn't originally his idea, "They came to me and other people referred them to me. It just developed.  I wasn't seeking it.  It just kind of sought me."

The group of Vivek Ranadive, Mark Mastrov and Ron Burkle will be in New York City on April 3rd to present its plan to buy the team and build an arena in Downtown Sacramento.  Sacramento Mayor Kevin Johnson will be there too.

Johnson said Wednesday that a different group -made of local investors- would be making a bid for a share of the team formerly owned by Bob Cook.  There is an April 1st deadline to file a bid.

An attorney for Cook's trustee in his bankruptcy case is expected to file a motion today asking for approval of a $15.1 million bid for Cook's shares by Seattle Hedge Fund Manager Chris Hansen.   

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