Miami Heat executive on the business side of the team's operation has been placed on leave amid an FBI investigation into a suspected money-laundering scheme while in a similar role with the Sacramento Kings.
According to the Sacramento Bee, Jeffrey R. David, "is suspected of siphoning off $13.4 million from two of the team's top sponsors and using the funds to purchase beachfront property in Southern California."
The Heat on July 9 announced the hiring of David, 44, as chief revenue officer for The Heat Group, "responsible for driving the club's local, regional, national and international business opportunities while overseeing the Corporate Sales and Service, Premium Seating and Service and the Ticket Sales departments."
In the wake of the report of the investigation, the Heat issued a statement.
"We are aware of the investigation of Jeff David, which focuses on events that took place prior to his joining our team," the statement forwarded to the Sun Sentinel reads. "We are fully cooperating with the authorities. Jeff David is on leave, pending the outcome of the investigation."
A Heat spokeswoman said the team had no further comment.
According to the Bee, "No criminal charges have been filed in the case, which was referred to federal investigators by the Kings a week ago."
Upon hiring David, Eric Woolworth, president of the Heat group's business operations, said in a statement, "Jeff is supremely qualified to help us grow our business. He's a fantastic addition to our executive staff and we welcome him with open arms to our family."
In the announcement of his hiring, David said, "The Heat organization's culture in both business and basketball gives me ample reason to be excited about joining the Heat in Miami. I'm very much looking forward to building strong relationships with Heat Nation and South Florida's corporate community."
According to the Heat, "David is a 12-year veteran of the NBA, 10 of those spent with the Sacramento Kings. In 2012, former Commissioner David Stern appointed him to serve as the Kings' Chief Revenue Officer. David led the organization through a new ownership transition and the development of Sacramento's new downtown arena.
"Among his many career highlights, David negotiated the $120 million landmark naming rights deal with Golden 1 Credit Union. As Kings CRO, David also developed and managed sales and marketing strategies for the Kings' parent company, which included a robust real estate portfolio of sports/entertainment venues, retail, office, hotel and residential projects. Prior to his role as Sacramento's CRO, David served as Kings' vice president of corporate partnerships. During a two-year stint at the NBA, David worked in global business where he developed comprehensive marketing programs for the NBA, WNBA, NBA Development League and USA Basketball."
According to the Heat, David previously served as principal marketing director for the Columbus Crew of Major League Soccer, as well as Columbus Crew Stadium. He also served as managing director for the AVP Pro Beach Volleyball Tour.
