Sacramento News
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Updated 25 minutes ago
The Sacramento Kings were sold to a group led by software billionaire Vivek Ranadive, who will become the first Indian-born owner in National Basketball Association history.
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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.
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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.
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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.
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The excruciating melodrama is over, at least for now: Sacramento will remain the home of the Kings, presumably under new ownership. What’s less clear is the future of the franchise in today’s NBA.
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California Governor Jerry Brown damped lawmakers’ hopes for using a tax windfall with a revised budget that expends $1.3 billion less next year than he proposed four months ago.
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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.
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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.
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Amtrak, the U.S. long-distance passenger railroad, is receiving the first of 70 electric locomotives made by Siemens AG intended to replace equipment that’s as old as 35 years.
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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.
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