Friday, 22 August 2014
Last updated 9 hours ago
Mar 4 2013 | 12:15pm ET
If hedge fund manager Christopher Hansen is going to bring a basketball team to Seattle, he's going to have to fend off a competing bid for the Sacramento Kings.
The Valiant Capital Management founder struck a deal for the National Basketball Association franchise in January, planning to move them to his hometown. But Sacramento Mayor Kevin Johnson has cobbled together a group of investors who have made a "competitive offer" for the team, he said.
Details of the bid, led by private equity mogel Ron Burkle and 24 Hour Fitness founder Mark Mastrov, were not released. Hansen and Microsoft CEO Steve Ballmer have a deal to buy 65% of the Kings for $341 million, and also have a deal in place to build a new arena for the Kings in Seattle, which lost its SuperSonices in 2008.
The question of who gets the team and where they'll be playing next season now goes to the NBA Board of Governors, which is expected to vote by the middle of next month.
"I don’t see any scenario where both cities are happy," NBA Commissioner David Stern said.
Aug 4 2014 | 7:42am ET
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The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note