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Qualcomm CEO joins Sacramento bid to keep Kings

Posted: March 26, 2013 11:00 a.m.
Updated: March 26, 2013 11:00 a.m.

Sacramento Kings fans show support to keep the team from moving during a timeout in an NBA basketball game in Sacramento on Sunday.

 

SACRAMENTO (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.

“A true Dream Team! This Fab Four is a bracket buster,” Johnson wrote on Twitter.

Sacramento city officials reached a preliminary agreement Saturday with the investment group for a new $447 million downtown arena. The city plans to contribute $258 million to the $447 million project, mostly by leasing out parking assets and donating land.

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