Will there be new owners of the Sacramento Kings? Will the Maloofs be involved or even have a minority stake in the financially troubled team? Those are the questions some are asking after a group of investors has come forward. The group was put together by Kings veteran Chris Webber.
The Sacramento Kings were one of the best NBA from 2001 to 2003, however in recent years their performance has been lack luster at best. The poor performance has certainly hurt the Kings financially. Now there is hope the Kings will fall under new ownership.
Businessman Manny V. Pangilinan is one possible investor that may join a group of investors that will take over the struggling Sacramento Kings in the NBA. If Pangilina does join he wants a majority stake and he has already said he would not settle for being a passive investor. According to Pangilina, he would need to invest between $200 million and $260 million for a stake in the Kings. If the deal goes through he would be the first Asian to control an NBA franchise.
The Maloofs have denied any buyout discussions, however they have made it clear the Kings will only stay in Sacramento if a new arena is built. That is something Mayor Kevin Johnson would like to see happen.
Manny V. Pangilinan is the chairman of several of the Philippines biggest and most aggressive corporations. Some of those companies include the Philippine Long Distance Telephone Co. (PLDT), infrastructure giant Metro Pacific Investments Corp. (MPIC), power distributor Manila Electric Co. (Meralco), water utility Maynilad, Philex Mining Corp. and outsourcing firm SPi Global Inc. Pangilinan certainly has the capitol to purchase the Kings and has already stated he is looking for more overseas investments.