Qualcomm's CEO Named as Potential Kings Investor

Sacramento Mayor Kevin Johnson will make a presentation to NBA owners in New York Wednesday

Tuesday, Apr 2, 2013  |  Updated 2:07 PM PDT
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Qualcomm's CEO Named as Potential Kings Investor

Bloomberg via Getty Images

Paul Jacobs, chief executive officer of Qualcomm Inc., gives a keynote speech during the 2013 Consumer Electronics Show in Las Vegas, Nevada, U.S., on Monday, Jan. 7, 2013. The 2013 CES trade show, which runs until Jan. 11, is the world's largest annual innovation event that offers an array of entrepreneur focused exhibits, events and conference sessions for technology entrepreneurs. Photographer: Andrew Harrer/Bloomberg via Getty Images

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Qualcomm CEO Paul Jacobs has been named in group of investors vying to purchase the Sacramento Kings.

Jacobs is part of a potential ownership group along with Silicon Valley software tycoon Vivek Ranadive, 24 Hour Fitness founder Mark Mastrov and billionaire investor Ron Burkle.

Sacramento Mayor Kevin Johnson will make a presentation to NBA owners in New York on Wednesday to keep the Kings from leaving California's capital city.

In his plea, he’ll present the Jacobs-Burkle-Mastrov-Ranadive group as ready to buy the team.

He’ll also pitch a newly-approved arena financing plan.

Kings owners Joe and Gavin Maloof backed out of a handshake deal -- which NBA Commissioner David Stern had negotiated, and the Sacramento City Council approved – putting the fate of the Kings and its hometown up in the air yet again.

Johnson’s goal is to block a bid by investor Chris Hansen and Microsoft CEO Steve Ballmer, who have a pending deal with the Maloofs to buy the Kings, move the team to Seattle and restore the SuperSonics name.

A joint committee of league owners, assembled from the sale and relocation committees, will make a recommendation for the full NBA Board of Governors to consider when it votes at its annual meeting April 18-19 in New York.
 

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