Thursday, 2 October 2014
Last updated 15 hours ago
May 20 2013 | 11:17am ET
Within days of the death of his plan to move the Sacramento Kings to his hometown, hedge fund manager Christopher Hansen's dream of buying the team went the same way.
The Kings' current majority owners have agreed to sell their stake in the basketball team to a group led by technology investor Vivek Ranadive. The new owners will pay less than Hansen had offered, but will keep the team in California's capital.
"We just need to sign some papers and finalize everything," Ranadive told the Sacramento Bee.
The National Basketball Association's Board of Governors on Wednesday voted against allowing Hansen to move the Kings to Seattle, which has been without an NBA team since the SuperSonics left for Oklahoma City in 2008.
Hansen, who leads San Francisco-based Valiant Capital Management, struck a deal to buy the Kings and build a new arena in Seattle months ago. But his bid was thwarted by a concerted effort by Sacramento Mayor Kevin Johnson and outlasted an increased offer for the team.
The sale to the Ranadive group also puts paid to threat by the current owners, the Maloof family, to sit on the Kings and sell a minority stake to Hansen.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...