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Sacramento Celebrates Kings Sale

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(Sacramento, CA)
Friday, May 17, 2013

Sacramento Mayor Kevin Johnson led the effort to keep the Maloofs from moving the team to Seattle.  Today, he led the cheers to celebrate.

"Repeat after me," the Mayor said to a crowd of 200 fans and City employees who gathered in the entryway to City Hall. "We....  Did it!" 

Mark Friedman is one of the investors who pooled $347.75 million to buy the team and $190 million to build a new downtown arena.

"We've got leaders in software development, leaders in telecommunications, leaders in social media model and I know they're committed to give you a winning team, to give you the kind of digitally connected arena that will be a model for the rest of the world."

The group has also promised to develop 1 million square feet of the area surrounding the arena site at the Downtown Plaza.

The agreement between the city and the investors does have the same opponents as the agreement the City had with the Maloofs to build an arena last year.   An  attorney is suing the City and a small group of Sacramento residents has announced it will collect signatures to put the notion of publicly-financing an arena before voters.

West Sacramento Mayor Christopher Cabaldon said anyone who doubted Johnson's plan to save the Kings should remember that when they doubt the importance of a new downtown arena.

"When somebody sticks a petition in your face and says, 'Please sign this,' remember the moment, remember your doubts, and remember the belief in the feeling that you have today about your pride in the region about your hope and aspiration and optimism for the future." 

State Senate Pro Tem Darrell Steinberg said the moment reminded him of the speech the late U.S.A Men's Olympic Hockey Coach Herb Brooks gave before the team beat the heavily-favored Russians in the 1980 Olympics, "This is our time!" the Senator shouted.

After paying off their debts to the NBA, the Maloof family and Robert Hernreich will make between $200 million and $230 million on the sale.

Vivek Ranadive would be the team's new managing general partner with the Jacobs family acting as the team Vice Presidents.  The 28 other owners will not be part of a managing general partnership group, but will rather hold a percentage of the team commensurate to the amount of money they put toward the offer.

The deal is expected to be ratified by the National Basketball Association before the end of the month

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