Silicon Valley tycoon emerges as lead investor in bid to keep Kings in Sacramento
SACRAMENTO, Calif. – The effort to keep the Sacramento Kings from moving to Seattle got a boost from a Silicon Valley software tycoon who stepped forward as lead investor.
The Sacramento Bee reports http://bit.ly/YvvD1h that Vivek Ranadive will lead Sacramento's bid to keep the team, joining health-club financier Mark Mastrov and billionaire Ron Burkle.
Ranadive's involvement comes after NBA Commissioner David Stern said earlier this month that the Sacramento group's offer needed to be increased before league owners would consider it.
Sacramento Mayor Kevin Johnson, who recruited the Burkle-Mastrov group, said that adding Ranadive takes the effort "to the next level."
Ranadive is chairman and chief executive of TIBCO Software and already part owner of the Golden State Warriors.
If the bid is successful, he would sell his stake in the Warriors.