A new “whale” has risen to the surface of Sacramento’s fight to keep the Kings. Vivek Ranadivé, a software magnate who is based out of the bay area, has joined Mark Mastrov and Ron Burkle’s investor group with hopes of purchasing the Kings and building a new downtown arena.
“Looking forward to supporting @KJ_MayorJohnson as we work towards keeping the @SacramentoKings where they belong,” Ranadivé tweeted earlier this afternoon. “Excited to be a part of the revitalization of a great community and the globalization of an amazing franchise.”
According to multiple reports, Ranadivé is expected be the lead partner on the effort to purchase the Kings.
So who is Vivek Ranadivé? Here’s a brief rundown.
- The 55-year-old Ranadivé was born in India and has business based in the bay area. In 1997, he founded TIBCO Software, which according to the Sacramento Bee is “$1-billion-a-year company” headquartered in Palo Alto. Former San Francisco 49ers great Roger Craig is Vice-President Director, Business Development at TIBCO.
- He is a minority owner of the Golden State Warriors. If his bid for the Kings is successful, Ranadivé would sell his stake in the club. According to the San Jose Mercury News, he’s one of the three biggest investors in the Warriors.
- He reportedly immigrated to America with only $50 to his bank account, yet managed to earn degrees from both MIT and Harvard University.
- Before starting TIBCO, he worked management and engineering positions for Ford Motor Company, M/A-Com Linkabit, and Fortune Systems.
- Ranadivé is an author and writer, making the New York Times business bestseller list with his 1999 book The Power of Now: How Winning Companies Sense and Respond to Change Using Real-time Technology. He’s currently a contributor to Forbes.
- NBA Commissioner David Stern endorsed Ranadivé’s book The Two-Second Advantage: How We Succeed by Anticipating the Future–Just Enough. “The challenge of today’s digital world isn’t gathering data but making sense of it quickly,” Stern said in a blurb for the book. “The Two-Second Advantage artfully explores how having the right information, in context and at the right time, can place you ahead of the game.”
- He is also a friend of Washington Wizards’ owner Ted Leonsis, who happens to be on the NBA’s relocation committee.
The Ranadivé announcement coincides with the news that Sacramento’s arena term sheet is not yet finalized. City Manager John Shirey issued the following the statement on the news:
“We continue to make progress and have productive discussions with the Investor Group. It is important to get this right and not rush to make an artificial deadline. The bottom line for me is to get the best deal possible while adhering to the Council’s adopted core principles, including a city commitment comparable to last year, no new taxes, and protection for the General Fund.”
A community forum addressing the arena issue is scheduled for 5:30 pm tonight at City Hall.