The Ubuntu Technical Board would not object if Kubuntu, the Ubuntu KDE derivative, were to be sponsored by some organization outside of Canonical.
In early February news came out that Canonical would be dropping support for Kubuntu
following the 12.04 LTS Precise Pangolin release. This Ubuntu derivative that employs the KDE desktop no longer has the business interest of Canonical and so it's set to become another community-based spin, similar to Xubuntu or Lubuntu. Jonathan Riddell, the lead Kubuntu developer at Canonical, is set to be tasked with non-Kubuntu work following the Precise Pangolin release.
Many Kubuntu fans were upset by Canonical's action, but there's some hope of Kubuntu potentially gaining a new backer. Jonathan Riddell asked the Ubuntu Technical Board their views on "Kubuntu being sponsored by someone else than Canonical."
From yesterday's meeting minutes
, "The consensus was that there shouldn't be any problem with that as far as the Technical Board is concerned at least."
It doesn't appear that they have a new Kubuntu backer lined-up at the moment, but it appears that Riddell is at least exploring the possibility. The Ubuntu Technical Board wouldn't have issues with a new company backing the distribution, but we'll see if any others within Canonical object to such a move.