Mar 24, 2013; Sacramento, CA, USA; Sacramento Kings fans hold signs during the second quarter against the Philadelphia 76ers at Sleep Train Arena. Mandatory Credit: Kelley L Cox-USA TODAY Sports

Kings: Fourth Investor Joins Bid to Keep Team in Sacramento

The more, the merrier.

Earlier this week, it was announced that Vivek Ranadive, a billionaire entrepreneur and minority owner of the Golden State Warriors, had joined Mark Mastrov and Ron Burkle in Sacramento’s bid to keep the Kings. Ranadive would lead the bid and be the face of the franchise if successful.

Now, Ranadive has told a local news station that the Jacobs family of Qualcomm, a large telecommunications company based in San Diego that has the naming rights to the Chargers stadium, is joining in the group that will invest in the Kings.

Irwin Jacobs, the co-founder and former chairman of Qualcomm, is worth around $1.5 billion. His son, Paul, is currently the CEO of Qualcomm.

An investment group initially led by Mark Mastrov and Ron Burkle officially submitted an offer to the NBA to buy the Kings earlier this month.

The Kings were sold a few months ago to a Seattle group led by Chris Hansen, but is pending approval from the Board of Governors.

The addition of the Jacobs family means that big-name investors from across the state —  East Bay, Silicon Valley, Los Angeles, and San Diego — are teaming up to keep the Kings in Sacramento.

 

Tags: Sacramento Kings

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