Tuesday, 30 June 2015
Last updated 8 hours ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…