Hedge Fund Managers' Hoop Dreams Fizzle

Mar 1 2012 | 3:54am ET

Christopher Hansen is going to have to look elsewhere to find a basketball team to bring to his hometown.

The Valiant Capital Management founder earlier this month unveiled his plans to build a new arena in Seattle to house a National Basketball Association franchise and possibly a National Hockey League team, as well. As eyes turned to Sacramento, which had until the end of the month to come up with a plan for a new arena or risk losing their Kings.

It did, announcing on Monday that the city, the team and the NBA had reached a tentative deal to build a new home for the Kings. Sacramento will cover as much as $250 million of the roughly $400 million building, with the Kings' owners kicking in at least $142 million and arena operator AEG almost $60 million.

"It's game over," Sacramento Mayor Kevin Johnson said after three days of talks in Orlando, Fla. The City Council must approve the plan, with a vote scheduled for next week.

It is unclear where Hansen can turn if the Kings stay in Sacramento. His arena plan hinges on his ability to buy a team to call it home.

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