Hedge Fund Manager Boosts Bid For Basketball Team

Apr 16 2013 | 12:35pm ET

Hedge fund manager Chris Hansen has increased his offer for the Sacramento Kings, just days before National Basketball Association owners meet to decide the team's fate.

Hansen, who runs San Francisco-based Valiant Capital Management, and Microsoft Chairman Steve Ballmer have added $17 million to their bid for 65% of the team, which they hope to move to Seattle. That would value the team at $550 million, up from $525 million, an NBA record.

NBA owners will meet beginning tomorrow to consider both Hansen's bid and an effort to keep the Kings in Sacramento. The team's current majority owners support Hansen's bid and gave the Sacramento group until Friday to make a matching offer on Hansen's previous bid. The Sacramento group said it would, but has not actually submitted the offer.

The Maloofs also insist that the Sacramento group, if it is successful, reimburse Hansen for his $30 million deposit.

"The Seattle Ownership Group has elected to voluntarily raise its purchase price as a sign of our commitment to bring basketball back to our city and our high degree of confidence in our arena plan, our financing plan, the economic strength of the Seattle market, individual and corporate support for the team and, most importantly, the future of the NBA," Hansen said Friday.


In Depth

Q&A: TCA Fund Management's Bob Press on Small-Cap Private Equity

Aug 25 2016 | 8:55pm ET

The emergence of private credit as a replacement for traditional bank financing...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...