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Businessman Phil Oates contributed $1M to be part of ownership group to buy Kings

9:24 AM, Jan 23, 2013   |    comments
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SACRAMENTO, CA - Businessman Phil Oates said he is one of 20 local investors hoping to keep the Kings in Sacramento.

"Somebody wants something that I own; its mine," Oates said.

Oates is chairman of the Buzz Oates Group, a construction company. Oates, along with the 19 other investors, contributed a $1 million to become apart of the ownership group. Sacramento Mayor Kevin Johnson said he is working on locking down a major equity partner and should be making an announcement by the end of the week.

Oates said he doesn't know who the big equity partners will be, but the uncertainty doesn't phase him. 

"I don't want to do this deal with anyone who doesn't think we will succeed," Oates said. "I am going at this believing we will succeed."

News10/KXTV

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