New investor introduced to help keep Kings from moving to Seattle


SACRAMENTO, Calif. - In the fight to keep the Kings in Sacramento, the city came out with a new investor to keep the team from moving to Seattle.

Sacramento has already been in high-stakes negotiations with billionaire Ron Burkle and 24-Hour Fitness founder Mark Mastrov.

The two men announced Thursday they’ve recruited a third investor to try and buy the Kings and keep them in Sacramento.

Vivek Ranadivé is a chairman for a software company called TIBCO Software.

At this time, negotiators failed to reach a financing deadline for a potential new arena in Sacramento. Specifics were supposed to be released on how Sacramento would pay for a new arena and for the city council to consider.

In April, the NBA Board of Governors will hear presentations from one or more Sacramento groups as well as the Chris Hansen-Steve Ballmer group, and they will decide which offer they prefer.

The group led by Hansen and Ballmer has a signed agreement to buy the team and bring them back to Seattle.