Sunday, 25 January 2015
Last updated 2 days 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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…