Saturday, 20 December 2014
Last updated 1 day 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.