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"A term sheet for a possible downtown arena, expected to be released today, has been delayed -- but the city did announce it has a third major investor to help try and keep the Sacramento Kings in town, officials said Thursday.Vivek Ranadive \"takes an already strong ownership group to the next level,\" Mayor Kevin Johnson said. \"Beyond his track record as a brilliant entrepreneur and experienced NBA owner, Vivek will bring global leadership to the Kings and to our region. His commitment speaks volumes about the strength of our market, and is just the latest example that we are playing to win.\"What would downtown arena look like? View photosMayor's office spokesman Ben Sosenko confirmed to KCRA 3 that Ranadive is indeed the third big investor, joining Ron Burkle and Mark Mastrov.A spokesman from Tibco Software, in Palo Alto -- which Ranadive founded -- confirmed he was part of the investment, as well.Johnson added,\u00A0\"This is an historic moment and it's appropriate that it's happening here in Sacramento, one of the most diverse cities in the country.\"\"Looking forward to supporting @KJ_MayorJohnson as we work towards keeping the @SacramentoKings where they belong,\" Ranadive posted on his Twitter page.\u00A0Regarding the delay in the term sheet's release,\u00A0Sacramento City Manager John Shirey spoke through an emailed statement.\"We continue to make progress and have productive discussions with the Investor Group. It is important to get this right and not rush to make an artificial deadline,\" Shirey wrote. \"The bottom line for me is to get the best deal possible while adhering to the Council's adopted core principles, including a city commitment comparable to last year, no new taxes, and protection for the General Fund.\"Details regarding the financing of a possible entertainment and sports complex won't be posted this afternoon, the statement continues to say.Those details were expected to come out with the March 26 City Council agenda.A community town hall-style meeting was still held in the City Hall foyer Thursday evening.Supports and opponents of a new publicly funded arena were there to see the term sheet.\u00A0\u00A0Many found out that the term sheet was not being released yet when they got to city hall.\u00A0\u201CI was hoping to see it, but I am not sweating it because I totally trust our mayor,\u201D said Adrianna Ortiz, a Kings fan.Opponents said the delay was more proof the plan should be put to a public vote.\u201CWe haven\u2019t gotten a straight story from the beginning,\u201D said Jeanie Kelter, who doesn\u2019t public money being used to fund a new arena. \u201CIf they had confidence that the people wanted this they would put it up to a vote.\u201DThe term sheet, when it is released, will explain how the city plans to pay for a new arena.Shirey's office has been negotiating with billionaire Burkle over the financing plan for less than a month.Shirey told KCRA 3 it might take every minute until the self-imposed deadline to reach an agreement on a downtown arena.\u00A0Who owns Sacramento arena site? It's complicatedThe city manager previously said he wanted the terms of the agreement released for public viewing by Thursday -- to give taxpayers and the Sacramento City Council five days to examine the proposal.\u00A0Shirey has scheduled three open houses to showcase the plan.A second is planned for Friday at the Robertson Center.A third open house is scheduled for Saturday morning at the Sam Pannell Community Center.Purple RV begins nationwide trip to save KingsBurkle, along with Mastrov, the founder of the 24 Hour Fitness chain, were the first two major investors to jointly put together a bid to purchase the Sacramento Kings.Their offer has been submitted to the National Basketball Association, with the hope the league rejects a deal the team's owners have with potential buyers looking to move the team to Seattle.Departure of Kings would cost Sacramento bigAn arena financing plan is considered a key milestone for the Burkle-Mastrov-Ranadive offer.Mayor Johnson plans to pitch the proposal to keep the Kings in Sacramento to the NBA on April 3, the same day the Seattle group will try to convince NBA owners to approve the deal made with the Maloof family, the current majority owners of the\u00A0 Kings."^^<http://www.w3.org/2001/XMLSchema#string>
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