Tuesday, April 9th, 2013 at 9:10 am  |  4 responses

Billionaire Ron Burkle Drops Out of Sacramento Kings Ownership Group

One of the key players in the ownership group hoping to keep the Kings in Sacramento, Ron Burkle, is no longer in the picture due to a conflict of interest. Mayor Kevin Johnson insists that this is not a setback. Per the SacBee: “Ten days before the NBA decides whether the Kings stay in Sacramento, a key investor in the effort has been forced into a secondary role. Beverly Hills billionaire Ron Burkle, a driving force for the past two years in trying to keep the Kings from leaving town, will not invest in the team or the proposed Downtown Plaza arena, Mayor Kevin Johnson announced Monday afternoon. Facing questions over a conflict of interest, Burkle instead will focus on redeveloping other portions of Downtown Plaza. ‘He’s so committed to Sacramento,’ the mayor said, adding that he spoke with Burkle on Monday. ‘There’s a host of ancillary development opportunities that Ron will participate in.’ Burkle was going to take the lead in developing the proposed $448 million arena and would have held a small ownership stake in the team. Sacramento officials had said his presence was a huge asset in part because he successfully developed a new arena three years ago for his hockey team, the Pittsburgh Penguins. Johnson insisted that Burkle’s new role would not deflate the effort to keep the Kings from going to Seattle, and said other investors would pick up the financial slack. He did not give specifics. ‘I don’t look at this as a slow-up or a hiccup,’ he said. ‘We won’t miss a beat.’ He said that NBA team owners, who met with the Sacramento investors last week, were comfortable with the shifting arrangement. With Burkle taking a back seat, software magnate Vivek Ranadive and East Bay health-club financier Mark Mastrov ‘are going to be the lead investors’ on the team and arena, the mayor said.”

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  • MikeC.

    KJ is throwing smoke screens here. Seattle has this locked down.

  • Kaitlyn Fredricks

    before I looked at the receipt ov $8831, I didn’t believe …that…my best friend trully receiving money part-time at there computar.. there aunt has been doing this 4 less than 23 months and a short time ago took care of the dept on their apartment and bought a great new Lotus Elise. we looked here, fab22.comCHECK IT OUT

  • roscoe

    I don’t know if KJ is thrwing smoke screens with this per se. He wants them to stay.

    A conflict of interest exist for one investor…

    and correlating to a smoke screen is sort of hard to do imo.

  • http://twitter.com/Jzakoni Sanchez

    get this saga over with