Hedge Fund Manager Says Seattle Council 'Jumbled Up Numbers'

Jul 16 2012 | 10:45am ET

Hedge fund manager Chris Hansen attacked a Seattle City Council report attacking his own plans to build an arena in his hometown.

Hansen, who runs Valiant Capital Management in San Francisco, in February announced that he would build a $500 million arena in Seattle's SoDo neighborhood, hoping to attract a National Basketball Association—or National Hockey League—franchise. In addition, the city would contribute some $200 million using tax revenues the building generates.

But the City Council warns that the plan might violate a city law that requires Seattle receive fair value for its investment.

"They jumbled up the numbers," Hansen said of the Council analysis.

"They aren't putting in any equity," he continued. "That's the difference. If [the city and King County] were putting in $100 million in equity in addition to the bonds, it would be a different story, but they're not."

Hansen said he was not frustrated with the discussions, but warned that further delay could lead to missed opportunities.


In Depth

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...