Qualcomm CEO Joins Sacramento Bid to Keep NBA’s Kings in City
March 26, 2013
Mayor Kevin Johnson has ramped up his pursuit to keep the Sacramento Kings in the city by announcing 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.
A preliminary deal was agreed on 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.