Sacramento adds fourth major investor to NBA effort to keep Kingson March 25, 2013 @ 7:26 pm (Updated: 7:41 pm - 3/25/13 )
Another major investor has joined Sacramento's effort to buy the Kings and build a new downtown arena and keep the team from moving to Seattle, the Sacramento Bee reported Monday evening.
The Jacobs family, heads of technology giant Qualcomm, are the latest partners, the Bee reported. Billionaire software entrepreneur Vivek Ranadive, who just joined the team of billionaire Ron Burkle and 24 Hour Fitness founder Mark Mastrov last week, made the announcement himself.
"I'm happy to add I am adding the legendary Jacobs family to the dream team tonight," he said of the San Diego-based company.
The Bee reports Qualcomm is one of the largest companies in America, with more than $19 billion in earnings last year.
But Ranadive insisted while the group adds even more financial might to the effort to counter investor Chris Hansen's bid to buy the Kings and move them to Seattle, they didn't need the Jacobs money.
"Each person in this has the capacity to do this on their own," he told the Bee in his first interview since signing on to the Sacramento effort. "This is about building a global brand. It's about putting more wood behind the arrow."
The Sacramento City Council is expected to approve a financing package with the investment group Tuesday for a new downtown arena.
The NBA's Board of Governors will consider both the Sacramento and Seattle bids at a special meeting in New York City April 3.
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