SACRAMENTO (CBS13) – Sacramento Republic FC has a new billionaire investor at the helm as it pushes for bringing MLS to Sacramento.

Tuesday, the team announced that Ron Burkle has joined on as lead investor for the club.

READ MORE: 2 Men Who Drowned At Tuolumne County Swimming Hole Identified As Daly City, Pittsburg Residents

Burkle, 66, was part of the original team of investors that helped keep the Sacramento Kings from moving to Seattle.

According to Forbes, Burkle is worth an estimated $2 billion.

READ MORE: Stimulus Check Latest: Is A Fourth Relief Payment Coming?

Republic FC has been working to sharpen its bid as an MLS team since it was passed over by the league.

Sacramento was considered one of three finalists for being awarded an MLS team recently. Instead, Cincinnati and Nashville won bids.

MLS Commissioner Don Garber previously said Sacramento “has some things to finalize with their ownership group.”

MORE NEWS: California Dominates 'Best Places To Visit In USA' List; Several NorCal Spots Included

Burkle’s investment firm Yucaipa Companies has stakes in several grocery companies, like Food 4 Less and Ralphs Grocery Co., Barnes & Noble and GameSpy. He also is part owner of the NHL’s Pittsburgh Penguins.