In a stunning new twist on the Sacramento Kings saga, a group including the new owner of Downtown Plaza is proposing to buy the team and build a $400 million arena on the site of the troubled shopping center.

A source connected to the proposal said the group believes it would make a viable alternative to the Maloof family's potential sale of the team to a consortium planning to relocate the Kings to Seattle.

A source said the group includes other deep-pockets investors who have the ability to pull the deal together.

"We make the case to the NBA that we've got the funding," said the source, who insisted on anonymity.

The source said the group includes JMA Ventures, the San Francisco investment firm that bought Downtown Plaza last year at a bargain-basement price.