Sacramento Kings finalize deal to purchase Minor League Baseball’s Triple-A River Cats
After months of negotiations, the Sacramento Kings have finalized an agreement to purchase majority interest in Minor League Baseball’s Sacramento River Cats.
The Kings, River Cats and Arctos Sports Partners announced the new partnership Friday, establishing the Kings as majority owners of the River Cats. The River Cats will remain the Triple-A affiliate of the San Francisco Giants and Susan Savage, whose family brought the team to Sacramento more than 20 years ago, will stay onboard as a strategic business advisor and member of the ownership group.
“We are thrilled to be partnering with Susan Savage and her family, who made the River Cats into a tremendous community asset with a great brand and tradition,” Kings owner Vivek Ranadive said in a news release. “We look forward to building on their inspiring legacy and continuing to provide families with memorable experiences.”
In July, sources told The Sacramento Bee the Kings and River Cats were in advanced talks after engaging in discussions in late 2021. Neither side would comment on those negotiations at the time, but sources described the framework of a deal with a purchase price approaching $100 million.
The River Cats have been a fixture in Sacramento since a group led by Art Savage purchased the Vancouver Canadians and moved them to Sacramento in 2000. They won Pacific Coast League championships in 2003, 2004, 2007 and 2008 as the Triple-A affiliate of the Oakland A’s. They became a Giants affiliate in 2015 and won another PCL championship in 2019.
“My sons, Jeff and Brent, helped me continue what my late husband Art started back in 2000, providing fun, safe and family-friendly entertainment for everyone in the Sacramento region,” Susan Savage said. “As our family looks to transition into new ventures, we identified the Sacramento Kings as the perfect strategic partner to continue this tradition while deepening the organization’s footprint in a region we all love. It has always been about the community and our employees and that will not change.”
Arctos Sports Partners, a private investment firm that invests in ownership groups, sports businesses and leagues across North American professional sports and European soccer, purchased a minority share of the Kings in 2021. The two sides have deepened their business relationship and their investment in the Sacramento community with the purchase of the River Cats.
“We are proud of our partnership with the Kings and believe strongly in Vivek’s innovative vision of building a world-class sports and entertainment platform, coupled with his deep commitment to the Sacramento community,” said Chad Hutchinson of Arctos Sports Partners. “This is a unique opportunity to bring together two iconic organizations in one of the most dynamic markets in the country. We are committed to working closely with the Kings to serve the Sacramento community and deliver an exceptional fan experience.”
Congresswoman Doris Matsui issued a statement lauding the agreement between the Kings and River Cats.
“In Sacramento, sports are part of our identity and a common cause that brings us all together,” Matsui said. “The Kings, the River Cats, and all of their fans embody the passion, energy, and civic pride of our great region. This announcement builds upon this tight-knit community fabric, drawing together two Sacramento icons and economic anchors of our region.
“I want to give a special thank you to Susan Savage, her late husband Art, and their son Jeff for their amazing leadership over the past two decades. The River Cats organization is a regional institution — and it has taken an immense amount of dedication and hard work to make it the community pillar it is today. By adding the expertise of Vivek and the Kings management team, I know that this will only continue to grow. Making sure that the River Cats stay right here in the Sacramento family is not only about the economic vitality of the region, but also about maintaining the community bonds that define our hometown teams.”
This story was originally published August 26, 2022 at 11:20 AM.
