The group hoping to keep the Kings in Sacramento has just added another big name to their collection, this time the Jacobs family of San Diego, better known for owning one of the most lucrative companies in the country.
Qualcomm, a San Diego based semiconductor company was founded by Irwin Jacobs and now is headed by his son Paul, who was welcomed to the ownership group by Vivek Ranadive this evening:
“I’m happy to add I am adding the legendary Jacobs family to the dream team tonight,” he said.
The addition of the Jacobs family, which consists of sons Paul, Jeff and Hal brings a fourth “whale” to the group headed by Ranadive along with another influx of cash as the Jacobs family is one of the wealthiest in San Diego.
Paul Jacobs was recently voted as the #4 CEO in the world and while there has been no solid confirmation on the net worth on Paul individually, the Jacobs family is one of the wealthier in the country, with business never better for the San Diego based firm:
Life is good for Qualcomm (QCOM) CEO Paul Jacobs. Quarter ending December 2012 was all about all-time record highs: total revenues ($6.02 billion), operating income ($2.09 billion), net income ($1.91 billion), non-GAAP earnings per share ($1.26), and cash flow per share from operations ($1.13). GAAP earnings per share of $1.09 were the second best ever, eclipsed only by the March 2012 quarter of $1.28, which included a $0.44 gain from sale of discontinued operations. So, from an operations standpoint, even the earnings per share were a record.
Keep in mind those figures were quarterly.
The Jacobs family will now join Ron Burkle, Mark Mastrov and Vivek Ranadive as the majority investors in the Sacramento Kings potential new ownership group.