Though it appeared to be a certainty that the Kings would move from Sacramento to Anaheim, the city was awarded an extra year to hold onto the team. There was a check list of items the NBA advised the city to fulfill in order to keep the franchise long-term, and the most important requirement was to build a new arena. It will be difficult for the cash-strapped current owners, the Maloofs, to hang on to the team, so there is room for new ownership. One potential group of owners is led by Chris Webber and would be backed by Filipino businessman Manny V. Pangilinan, according to the Inquirer.
The Inquirer, which is a Filipino news source, says “Webber met with Pangilinan, chair of the Philippine Long Distance Telephone Company—among other firms—during a recent trip to Sacramento, where he visited the Kings’ home stadium, the Arco Arena.”
Pangilinan reportedly said he would need to invest between $200 million and $260 million for a stake in the Kings, and that this would be done in his personal capacity.
“That’s the ballpark figure [involved],” Pangilinan said.
I don’t know much about Pangilinan and I don’t know who else would be involved in the ownership group, but we do know that Pangilinan will only get involved if he buys a majority stake in the team. We also know that the Kings are desperate for owners who can spend more money on the franchise, so newer, wealthier owners seems to be a solution. And if you’re doubting how Chris Webber would be able to own the team, keep in mind he’s organizing the group and that the chief financial backer would be Pangilinan. Besides, didn’t we just see another former All-Star help purchase a team recently and turn them around? New blood could be exactly what the Kings need.
Head nod to Poor Man’s Commish for the story
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