Kings Won't Be Sold To Hedge Fund Manager

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.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

Analyzing The Digital Footprint: What Operational Data Can Tell You About Future Risk

Mar 30 2017 | 3:38pm ET

Advances in technology and increasing operational complexity in search of higher...

 

From the current issue of