A few days ago we received the news that Vivek Ranadivé had joined the Mastrov-Burkle investment group in a leading capacity to form a bid to keep the Kings in Sacramento. Today, Mayor Kevin Johnson announced that Paul Jacobs, CEO of San Diego based Qualcomm, is joining the effort.
I'm thrilled to welcome Qualcomm CEO Paul Jacobs to Sacramento! Another visionary who believes strongly in this market. #playingtowin— Kevin Johnson (@KJ_MayorJohnson) March 26, 2013
The Bee goes on to report that Ranadivé recruited Jacobs (along with his two brothers, Jeff and Hal) for the effort. Ranadivé explains that the Jacobs family was not necessary to financially compete with the Seatlle bid, but adds "heft and expertise" to the Sacramento bid.
"Each person in this has the capacity to do this on their own," he said. "This is about building a global brand. It's about putting more wood behind the arrow."
Qualcomm reported $19 billion in earnings last year and owns the naming rights to San Diego's NFL stadium. This is more good news for Sacramento's efforts, especially following the news that the city of Sacramento and the investor group have come to an agreement on a term sheet for a downtown arena. That term sheet will be voted on this Tuesday, and we encourage anyone who can to be there and support the council as they make their vote.
Sacramento hopes to present their bid and arena deal in full at an April 3rd meeting with the NBA in New York. Seattle will also make their case that day. This addition of another whale helps to strengthen Sacramento's cause.