The National Basketball Association’s Sacramento Kings, with an ownership group led by Indian American Vivek Ranadive, have said it is seeking Chinese investment dollars to help redevelop the area near its new downtown Sacramento, Calif., arena.
Kings officials and San Francisco-based development partner JMA Ventures traveled to the Asian country to pitch the project to potential investors.
The project is scheduled to boast a hotel-office tower as well as a shopping and dining district. According to JMA chief executive officer Todd Chapman, there is some early interest.
The money from overseas investors would be used strictly for the redevelopment outside of the arena and none in the arena itself. Additionally, the foreign funds would be raised using federal program EB-5, which gives international investors the right to gain permanent U.S. residence.
The Kings, attempting to gain a larger international presence, have played preseason games in China in recent years. Ranadive, who with his group bought the Kings in 2013, has marketed his club in India as well.
In order to fit into the EB-5 program, investors would need to invest a minimum of $1 million and produce 10 jobs in the U.S. In rural and high-unemployment areas, the investment is reduced to $500,000.
The Kings’ new arena is scheduled to open by the start of the 2016-17 NBA season, which begins in October. The outside redevelopment isn’t expected until early 2017.