Sacramento Finalizes Bid, Arena Proposal

Sam Amick of USA Today reports that the prospective ownership-group led by Vivek RanadiveMark Mastrov, and Ron Burkle have agreed on a deal with the city of Sacramento for a new bid that will be presented to the Board of Governors meeting on April 3. Among the near billion dollars that will go toward purchasing the team, creating a new arena, and local real estate development, $190MM is expected to go toward the arena, which Amick notes is $58MM more than what the Maloof brothers and the NBA had originally agreed on last year before the deal fell through. 

According to an ESPN report (via the Associated Press), Sacramento mayor Kevin Johnson announced that the city of Sacramento and the Ranadive-Mastrov-Burkle investment group have agreed on an arena deal worth $448MM. The City Council is expected to vote on the non-binding term sheet on Tuesday. If passed, the city would contribute $258MM through leasing parking garages and land. Amick adds that Sacramento's general fund would not be affected and no new taxes would be involved. 

Ranadive's involvement bodes very well for the Sacramento investors, especially after David Stern had recently commented that the initial bid presented under the leadership of Mark Mastrov needed to be increased. While the official size of the updated offer is yet to be announced, it is expected to meet Stern's expectations. Amick writes that the addition of Ranadive into the picture and the infusion of cash that accompanied him were exactly what was needed in the 11th hour for those working hard to keep the Kings.  

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