Qualcomm CEO joins Sacramento bid for Kings
Add another investor to the group Sacramento Mayor Kevin Johnson is assembling to keep the Kings from moving to Seattle.SACRAMENTO, Calif. -- Add another investor to the group Sacramento Mayor Kevin Johnson is assembling to keep the Kings from moving to Seattle.
Johnson announced Monday night that Paul Jacobs, CEO of the international technology company Qualcomm, has agreed to become part of the Sacramento bid. Jacobs joins a group that includes billionaire investor Ron Burkle, 24 Hour Fitness founder Mark Mastrov and TIBCO Software CEO Vivek Ranadive.
"A true Dream Team! This Fab Four is a bracket buster," Johnson wrote on Twitter.
Sacramento city officials reached a preliminary agreement Saturday with the investment group for a new $447 million downtown arena. The city plans to contribute $258 million to the $447 million project, mostly by leasing out parking assets and donating land.
The City Council is planning to vote on the non-binding term sheet Tuesday night.
Sacramento is hoping to block a bid by a group that has a pending purchase agreement to buy the Kings from the Maloof family and move the team to Seattle. The NBA Board of Governors is expected to make a decision by the end of its April 18-19 meetings.
The Seattle group, led by investor Chris Hansen, has had a signed deal since January to buy 65 percent of the franchise for $341 million from the Maloofs. Other investors include Microsoft Chief Executive Steve Ballmer and two members of the Nordstrom department store family.
Hansen reached agreements with local governments in Seattle last October on plans to build a $490 million NBA/NHL arena near the city's other stadiums, CenturyLink Field and Safeco Field. No construction will begin until all environmental reviews are completed and a team has been secured.
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