Sports

4th big investor announced in bid to keep NBA Kings in Sacramento

Sacramento Kings v Los Angeles ClippersSACRAMENTO, Calif. — A fourth major investor – the San Diego-based Jacobs family who heads the multibillion-dollar high-tech corporation Qualcomm – has become a partner in the effort to buy the NBA’s Kings and keep the team from moving to Seattle, the Sacramento Bee reported Monday night.

Silicon Valley entrepreneur Vivek Ranadive, who recently joined Mark Mastrov and Ron Burkle in their bid to keep the Sacramento Kings from moving to Seattle, announced the addition of the Jacobs family in an interview with the Bee Monday night, the newspaper said.

“I’m happy to add I am adding the legendary Jacobs family to the dream team tonight,” he said.

Qualcomm is one of the largest companies in America, with more than $6.1 billion in earning last year, according to Securities and Exchange Commission filings.

Ranadive told the Bee that the addition of the Jacobs family is not necessary for the Sacramento group to compete with Seattle, but it adds to the heft of the local bid.

Sacramento officials announced Saturday they have reached a deal for the largest redevelopment project in city history – a $447.7 million NBA arena at the Downtown Plaza, with up to 1.5 million square feet of offices, housing, stores and a high-rise hotel.

The NBA’s 30-member board of governors is scheduled to cast a yes or no vote April 18 on the sale of the Kings by the Maloof family to a Seattle group led by Chris Hansen. If it votes no, the Maloofs could entertain the Burkle-Mastrov-Ranadive group’s offer to buy the team.

The Sacramento City Council is expected to vote on the arena proposal Tuesday night.

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6 Comments to “4th big investor announced in bid to keep NBA Kings in Sacramento”

    Guest said:
    March 25, 2013 at 9:17 PM

    The Kngs have been for sale for a long time…. Where were all these investors then?

    fred hooper said:
    March 26, 2013 at 12:29 AM

    You are uninformed. This team was not for sale and the cowardly Maloofs sold it behind closed doors to spite the city for exposing them as broke frauds. Look closer at the dealings of the Maloofs and thier antics and you'll understand how 2nd generation wealth often doesn't make it to the 3rd generation.

    And…this is nothing like what happened to Seattle. That "re-written history" as David Stern noted is selectively recounted. There were no buyers that wanted to keep the team in Seattle, and the city did not want to support a new stadium to keep them. The Maloofs have sunk two planned arena deals, one negotiated by David Stern himself.

    Travis said:
    March 26, 2013 at 5:50 AM

    The Kings will move to Seattle. Seattle is much farther ahead in their proposals for funding the team and building a stadium. There are already binding agreements in place between the Maloofs and Hansen that will be upheld in court. The Maloofs have used the word "hate" to describe their feelings about one of the proposed investors, and are less inclined to keep them in Sacramento now more then ever before. In the end, the Courts will back Hansen, and David Stern will approve the move. Checkmate.

      Tony said:
      March 26, 2013 at 1:02 PM

      You really dont now what you are talking about. You can offer anything you want for a team, but it is ultimately the board of Gov who will decide where the team goes which trumps any binding agreement. Do you really think all of this would be alowed to go on by the NBA if they knew it would end up in court. The team may or may not move but you of all people have less answers than anyone else.

    guest said:
    April 7, 2013 at 8:40 AM

    Why would the Kings come here? We all know Seattle is a dump and that most of the city is filled with homeless kids, drug addled meth heads, smelly hipsters, and nerds from the devil that is Microcr@p.

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    November 27, 2013 at 8:28 PM

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