Sacramento group officially submits formal bid to buy Kings

Update: 10:23 am PT

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The bid is in.

The Sacramento group led by software magnate Vivek Ranadivé has officially submitted its bid to buy the Kings and keep the team in town.  The Sacramento Bee was first to report the news followed by confirmation from Sacramento Mayor Kevin Johnson on Twitter.

“Exciting day for Sacramento!” the mayor tweeted this morning. “Our bid is in! Feeling real good about our chances.”

The amount of the offer has not been made public.

Today, the NBA is holding a meeting in New York, reviewing the bids and arena plans by both Sacramento and Seattle.  The special session, which is being attended exclusively by members of the league’s relocation and finance committee, comes just a day ahead of the annual Board of Governors’ meetings.

Yesterday, the mayor told media that the Sacramento investor team would be sending in its formal offer today.  Accompanied by the prospective ownership team at an event at the Downtown Plaza, site of the proposed new arena, Johnson said that the group was in the process of finalizing its bid in writing.

“As far as I know, lawyers are looking at things,” Johnson said. “Again, are they crossing T’s and dotting I’s – I don’t know?

“The simple scenario is our commitment is to make sure on Wednesday that the NBA commissioner, his team and the Board of Governors and the joint committees have a binding agreement that we as a city and our ownership group has signed…”

The league’s governing board was expected to vote on the fate of the Kings this week.  However, the NBA confirmed that the decision had been tabled for a future date after Seattle Mayor Mike McGinn revealed the possibility at a press conference yesterday.  The league has no set timetable on when a final decision will be made.

Listed below are the members of the league’s joint relocation and finance committee:

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About: Jonathan Santiago

Jonathan Santiago serves Cowbell Kingdom as senior editor specializing in writing, podcasting and video production. He also handles the majority of CK’s day-to-day beat coverage of the Kings.