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

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

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

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.