Sunday, 29 March 2015
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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…