Monday, 20 October 2014
Last updated 1 hour 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...