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Ranadivé is putting his money where his mouth is. Last year he led a group that purchased a majority share in the Sacramento Kings at a valuation of $534 million, the highest ever for an NBA franchise at the time of purchase. Another $477 million will go toward a new high-tech arena on the site of Sacramento’s shuttered Downtown Plaza mall.

The fact that the Ranadivé ownership team was able to keep the Kings out of the clutches of Seattle and other rival cities was “a minor miracle,” says Dave Sanders, an executive recruiter with WorldBridge Partners in Roseville and the head of venture programs at the Sacramento Area Regional Technology Alliance (SARTA), a non-profit that aims to help local technology companies grow faster. He and many other area residents hope that the arena’s construction will spur more economic development and accelerate a cultural and commercial renaissance that has begun to sweep through other parts of the city.

And that’s exactly what the Kings are promising. Sacramento is in position to be the first fully modern city to emerge in the 21st century, Ranadivé says. “It’s close enough to San Francisco and Silicon Valley that you can draw from that,” he says. “But it’s growing, it’s inexpensive, the weather is great, and we are going to have the coolest, hippest downtown on the planet. And the arena and the team are no small part of that.”

But just as a couple of inches of rain doesn’t make up for a 16-month drought, the new Kings Arena by itself won’t transform the regional economy. Groups working to boost innovation and entrepreneurship in and around Sacramento face a laundry list of challenges, including a shortage of local investment capital for new ventures, a talent squeeze, and a perception that it’s far easier for startups to get things done in the Bay Area.

(http://www.xconomy.com/san-francisco/2014/05/14/sacramento-innovation/)