Sacramento Kings minority owner John Kehriotis said Friday he has pulled the plug on his effort to put together an investment team to bid for control of the team.

Kehriotis, who owns 12 percent of the team, had said he hoped to assemble financing for a back-up offer to the deal the team's majority partners, the Maloofs, recently signed with a Seattle group. His plan was to keep the team in Sacramento.

"One of my key investors bounced out," he said. "So we are not going forward."

Another group backed by Mayor Kevin Johnson, however, submitted a bid to buy the team last month, and will go to New York with the mayor on Wednesday to make a case to the NBA for being allowed to buy the team and keep it in Sacramento. Representatives from Seattle will also be there to answer league questions about their bid for the team.