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

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Moore Capital PM Fired After Raucous Hamptons Party

Jul 7 2016 | 10:47pm ET

A portfolio manager for Louis Bacon’s $15 billion hedge fund Moore Capital Management...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...