RanadivÃ(c) set to buy River CatsAug 22, 2022 12:00AM ● By Story and photos by Shaun Holkko, sports editor
Sacramento Kings owner Vivek Ranadivé speaks at the “Farewell to ARCO Arena” event on Saturday, March 19 at ARCO Arena in Natomas.
WEST SACRAMENTO, CA (MPG) – In 2013, Vivek Ranadivé purchased the Sacramento Kings. Now nearly a decade later, he is nearing a deal to acquire another Sacramento-based professional sports franchise.
It was first reported by The Sacramento Bee on July 26, that Ranadivé and a group of investors have been negotiating a deal with the Savage family dating back to last year, in the ballpark of $100 million. However, it was reported by Sportico on August 18 that the actual sale price may be closer to $90 million.
Even at a lesser price than what was initially reported, the cost for Ranadivé and his group would be a record for the selling price of a Minor League Baseball (MiLB) team and its corresponding stadium. According to Ballpark Digest, most MiLB teams have an estimated value of around $40-50 million.
The Savage family has owned the River Cats and its ballpark since the franchises’ inception in 2000.
Ranadivé made the following statement back in 2015 when he invested in Sacramento Republic FC, a USL Championship team, a league that is one tier below Major League Soccer.
"This is another major step in revitalizing downtown and making the entire Sacramento region an even better place to work, live and play,” Ranadivé said. “We're committed to our vision of making Sacramento the world class city its citizens deserve.”
With the purchase of the River Cats and potential looming purchase of Sac Republic, Ranadivé may be positioning himself to stand alongside other sports owners of multiple teams like Stan Kroenke, Joel Glazer and Shahid Khan.