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In hopes of keeping the team in Sacramento, one of the Sacramento Kings’ minority owners is making his attempt to purchase the club.

Fox 40 first reported last night that limited partner John Kehriotis, who owns 12.25% of the Kings, has been busy building his own potential investment group.  Not only do they want to purchase majority ownership of the team through the right of first opportunity, but they also want to build a new arena without the help of any public money.

Fox40 added that Kehriotis already has $350 million assembled to purchase the team and a verbal commitment for another $400 million to build a new arena. Cowbell Kingdom reached out to Kehriotis today, who declined to comment on the news at this time.

This story breaks less than a day before Sacramento City Council votes to move forward with negotiations on a new entertainment and sports complex in the downtown area. Council members will also be asked to approve $150,000 in funds to further the arena process.

While both the rail yards and the downtown plaza have been mentioned as possible locations for a new Kings’ arena, all signs seem to point to the plaza as the site of first choice.

James Ham contributed to information to this post.