Sacramento Mayor Kevin Johnson said an investment group led by Vivek Ranadive has signed a contract and wired money to purchase the National Basketball Association’s Sacramento Kings, the Sacramento Bee reported.
California, the most populous U.S. state, isn’t likely to see a wave of cities defaulting on payments to municipal bond holders, according to a study sought by Treasurer Bill Lockyer’s debt and advisory commission.
National Basketball Association Commissioner David Stern and a group of suitors assembled by Sacramento Mayor Kevin Johnson will try to persuade the Maloof family to complete a sale of the Kings within the next few days.
California would borrow $500 million in carbon allowance auction proceeds, required by law to be spent on emissions-cutting efforts, to cover general expenses under Governor Jerry Brown’s latest budget.
California Governor Jerry Brown increased spending on education by $2.9 billion and projected that the state would have an $850 million surplus at the end of next year after voters boosted sales and income taxes.
A Seattle-based group led by Valiant Capital founder Chris Hansen raised its bid for the Sacramento Kings by $75 million to $625 million, five days before National Basketball Association team owners vote on whether to approve relocation.