The battle to keep the Kings in Sacramento continues. According to the Sac Bee, a chairman and CEO of a billion dollar silicon valley software company has taken interest in placing a bid to buy the team.
Per City Beat:
In an apparent effort to add more financial heft to their bid for the Sacramento Kings, Mark Mastrov and Ron Burkle have recruited Vivek Ranadive, chairman and chief executive of a $1 billion-a-year Silicon Valley software company, to be the new leader in their bid to buy the team.
Ranadive is also a limited partner and vice chairman of the Golden State Warriors – the team Mastrov tried to buy in 2010.
A source close to the arena effort, but who is not authorized to speak on the record, said Ranadive has been talking with Mastrov for several months about joining Mastrov’s bid to buy the Kings.
The India-born Ranadive, 55, is chairman and chief executive of TIBCO Software, a $1 billion-a-year company in Palo Alto. He controls about 8 percent of the publicly traded company, putting his holdings at $318 million. It’s unclear what his total net worth is.
The company’s software is used in automation, data analysis and e-commerce. Its customers have included Yahoo, Sun Microsystems and CBS Sportsline.
“In their space, they’re one of the big players,” said Rob Enderle, a Silicon Valley technology consultant. “It’s a good-sized firm.” Revenue has grown 58 percent in the past four years.