Report: Group plans to buy Kings and build a $400 million arena on Downtown Plaza site

Earlier 2010 arena proposal at Downtown Plaza Site in Sacramento
Earlier 2010 arena proposal at Downtown Plaza Site in Sacramento
Earlier 2010 arena proposal at Downtown Plaza Site in Sacramento

In the latest chapter of a complicated saga to secure an NBA franchise, the Sacramento Bee reports today that a group is proposing to buy the Sacramento Kings and build a $400 million arena on the site of the Downtown Plaza Shopping Center in Sacramento.

The group includes JMA Ventures, a San Francisco investment firm that purchased the financially strapped Downtown Plaza Shopping Center in Sacramento last year.
  
Last Wednesday, multiple reports surfaced that indicated the the Maloof family, owners of the Sacramento Kings since the late 1990’s, were negotiating a deal to sell the Kings to a Seattle group that includes San Francisco hedge fund manager Christopher Hansen, Microsoft CEO Steve Ballmer, and two members of the Nordstrom family for $500 million dollars. 

Yahoo!Sports first reported the discussions between the Kings and Hansen.
  
More reports emerged on Friday that the Maloofs desired to keep a small percentage of a stake of the team and also retain an active role in the management of the franchise, a tactic that is widely perceived as a heavy-handed way of negotiating a business deal.

On Friday reports emerged that Mark Mastrov, founder of 24 Hr. Fitness who previously lost his bid to purchase the Golden State Warriors franchise, was interested in buying the Sacramento Kings.

Another potential investor named Dale Carlsen, founder of Sleep Train Mattress Centers, was named as showing interest in buying the Kings.

Both of those two investors names emerged after Sacramento Mayor Kevin Johnson vowed before reporters to continue pursuing local investors to buy the Kings from the Maloofs.

However, a source connected to the most recent proposal (third) from today involving JMA Ventures told the Sacramento Bee today that “the group believes it would make a viable alternative to the Maloof family’s potential sale of the team to a consortium planning to relocate the Kings to Seattle.”
 
With all of the parties in the bid to buy the Sacramento Kings coming forward in recent days, fueling speculation on both sides about what the latest chapter to the Kings saga will hold and whether grandstanding or lip service is playing out in the media, a new post emerged today from SB Nation that explains Gavin Maloof is on his way out, clearing out his Sacramento-area home, giving items to Kings employees.
 
SB nation mentions a tweet from Carmichael Dave, a local radio personality in Sacramento who tweeted:
 
“Word is Gavin Maloof is emptying his house here.Gave a $2300 chandelier to his car wash guy. Giving other employees TVs, etc as thank yous.”
 
 
About Johnathan Schweitzer 1562 Articles
Welcome to Schweitz Finance. I hope that my financial website will provide you with relevant market information to help you manage your investments with greater clarity and insight.
Contact: Website