Sunday, 29 March 2015
Last updated 1 day ago
Sep 25 2012 | 1:51am ET
Seattle's City Council yesterday signed off on a hedge fund manager's plan to build a new basketball arena in the city, his hometown.
The 6-2 vote moves the plan, championed by Valiant Capital Management's Christopher Hansen, one step closer to final approval; it now only needs the assent of the Metropolitan King County Council, which is expected to consider the matter next month. The County Council is likely to sign off, as it did on the original agreement in July.
Hansen, who has pledged nearly $300 million to the project, had to renegotiate that pact to win the City Council over. The new memorandum of understanding offers increased taxpayer protection and more transportation infrastructure investments for the neighborhood that will house the arena, which is already home to baseball's Seattle Mariners and football's Seattle Seahawks.
Under the plan, public bonds will cover $200 million of the project.
"I think that today's vote demonstrates that by listening to each other and working hard to address the concerns of all stakeholders that we can make the arena a reality and bring professional basketball and hockey back to Seattle," Hansen, who lives in San Francisco, said.
Hansen will now have to shop for a National Basketball Association franchise. It is unclear how long it will take him to find one for Seattle, which lost its SuperSonics to Oklahoma City in 2008.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…