James Clark, 53, of Overland Park, Kan., pleaded guilty earlier this year to tax evasion and bank fraud, The Kansas City Star reported. At a hearing Monday in Kansas City, Kan., he was ordered to pay $1.3 million in restitution in addition to the prison term.
The Knights are a minor-league basketball team in the American Basketball Association. The team played for three seasons beginning in 2001 and then said it would suspend operations until ground was broken on a new arena.
Clark also owns Swish Holding Corp., the company involved in the tax and fraud charges. The bank fraud involved an application for a line of credit.
Kevin Dellett, Clark's lawyer, said his client has been cooperating with investigators.
"He is truly remorseful for his conduct and hopes his case serves as a lesson to his family and others," Dellett said. "Mr. Clark is relieved to know his fate and to now be able to spend another six weeks with his family before surrendering."