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

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Moore Capital PM Fired After Raucous Hamptons Party

Jul 7 2016 | 10:47pm ET

A portfolio manager for Louis Bacon’s $15 billion hedge fund Moore Capital Management...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...