SACRAMENTO, Calif. - Sacramento's mayor announced a plan to compete against the bid to bring the Kings NBA team to Seattle.
Mayor Kevin Johnson announced Thursday night that 24 Hour Fitness founder Mark Mastrov has offered to buy the Kings, along with 20 other minority investors.
The new bid to buy the Kings could derail plans to get the Sonics back into the KeyArena, and eventually the new SoDo arena.
Grocery billionaire Ron Burkle has also stepped in to help fund a new arena in downtown Sacramento.
Financial details were not released, but Johnson said Sacramento businesses have committed $50 million in corporate sponsorships to the team over the next five years.
Johnson will now try to convince the NBA to keep the team in California.
"I am convinced that, in return for our efforts, the NBA will make the right decision,” said Johnson.
The NBA's Board of Governors will meet in mid-April when they will decide which offer they prefer.
Some insiders say the bids for the Kings will likely result in lawsuits.
An investment group led by Chris Hansen and Steve Ballmer has a signed agreement to buy the team and put down a non-refundable $30 million deposit.
Although no lawsuit has been threatened by Hansen, the NBA could be exposing itself for legal trouble.