October 25, 2014
SACRAMENTO, Calif. (AP) - 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.
Sacramento city officials reached a preliminary agreement Saturday with the investment group for a new $447 million downtown arena. 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.