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Qualcomm CEO Paul Jacobs goes up against Steve Ballmer in fight to buy NBA's Sacramento Kings

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paul jacobs stock 1020
paul jacobs stock 1020

Qualcomm CEO Paul Jacobs hopes to advance from mobile industry shot-caller to bona fide baller, joining Sacramento mayor Kevin Johnson’s bid to keep the city’s basketball team, the Sacramento Kings, from moving to Seattle. According to an Associated Press report, Jacobs is the latest addition to an investment group composed of billionaire investor Ron Burkle, TIBCO Software CEO Vivek Ranadivé, and 24 Hour Fitness founder Mark Mastrov.

But even though the Sacramento group reached a preliminary agreement with the city for a new $447 million arena on Saturday, the team's current owners, the Maloof family, have had a signed deal in place to sell a 65 percent stake to the competing Seattle group since January. That group includes Jacobs’s CES keynote pal, Microsoft CEO Steve Ballmer, pitting the two tech leaders against one another for control of the Kings. The future of the team should be announced next month at a meeting of the NBA Board of Governors.