Sacramento Mayor Kevin Johnson
SACRAMENTO, CA - There is more anticipation than usual surrounding the annual Sacramento State of the City address by Mayor Kevin Johnson.
That's because he is expected to announce his major equity investors who are prepared to purchase the Sacramento Kings and fund a new arena. The counter-offer could potentially save the team from being moved to Seattle.
The nvestors are widely reported to be Southern California billionaire Ron Burkle and 24 Hour Fitness founder Mark Mastrov.
Johnson says he's been wanting to make the announcement for weeks, but the complicated transaction prevented him from doing so. The expected announcement comes two days after the Sacramento City Council voted to begin arena negotiations, a key step toward keeping the Kings. Without it, the NBA would most likely reject Sacramento's counter-offer.
The Maloofs, majority owners of the Kings, have agreed to sell the team to an investor group out of Seattle. The deal is for $525 million. But the it still needs approval from the NBA Board of Governors.
There are indications Sacramento has just as much of a chance at keeping the team as long as a new arena is part of the deal.
The State of the City is scheduled for 5:30 p.m. at Memorial Auditorium near 15th and J streets. News10.net will stream it live.