Sacramento's drive to keep the Kings took a dramatic detour Thursday as a new lead investor emerged for the team and the city missed its self-imposed deadline for wrapping up a deal for a new arena.

The dual developments, announced within minutes of each other during a chaotic afternoon, suggested that Sacramento was still laboring to finalize its plan to keep the Kings from moving to Seattle. Although city officials said they're confident they'll get a deal done on a new arena, there isn't a lot of time: The plan must get OK'd first by the City Council, and Sacramento has to pitch its proposal to a group of key NBA owners in less than two weeks.

Vivek Ranadive, an Indian-born software tycoon who lives in Silicon Valley, was unveiled as the man who will lead the bid for the team itself. Already a part owner of the Golden State Warriors, he takes the reins from East Bay health-club financier Mark Mastrov. A source familiar with the situation said Mastrov – whose initial bid was described as inadequate by the NBA – will remain a major partner in the bid.

The third investor in the Sacramento effort, Beverly Hills billionaire Ron Burkle, was continuing to negotiate a deal with city officials on a new arena at Downtown Plaza. But in a somewhat unsettling development for the city, officials were unable Thursday to complete the so-called term sheet outlining the city's subsidy and other elements of the deal. The document was supposed to be released to the public in the afternoon.

The item is still scheduled for a City Council vote next Tuesday. And even as negotiations continued Thursday evening, City Manager John Shirey plowed ahead with the first of three scheduled public forums at City Hall to discuss the arena project.

"I'm still optimistic that we're going to get the points resolved," Shirey said. "I do not have that feeling that we're not going to come together."

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