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NBA receives bid for Kings from Sacramento group

Published on NewsOK Modified: March 1, 2013 at 2:42 pm •  Published: March 1, 2013
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Sacramento is hoping to revitalize the city with an arena at the Downtown Plaza shopping mall owned by JMA Ventures, whose officers have said they are eager to participate. To show Sacramento support for the Kings, Johnson also lined up at least 20 local investors who each committed $1 million.

The local group hopes to buy a 7 percent share of the team now under control of a federal bankruptcy court. One of those investors is former Sacramento Kings standout Mitch Richmond.

The mayor also said Sacramento businesses have committed $50 million in sponsorship and season-ticket sales for the Kings over the next five years, which he hopes will be enough to convince NBA owners of the market's viability.

Seattle hoops fans, meanwhile, have been reeling since owner Clay Bennett — now the chair of the NBA relocation committee — moved the Sonics to Oklahoma City in 2008.

Hansen has been at the forefront of bringing the NBA back to the basketball-loving Pacific Northwest city. He reached agreement with local governments in Seattle last October on plans to build a $490 million NBA/NHL arena near the city's other stadiums, CenturyLink Field and Safeco Field.

No construction will begin on that project until all environmental reviews are completed and a team has been secured.