Sacramento Bid May Block Hedge Fund Manager's Hoop Dreams

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.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...