A Seattle group led by hedge fund manager Chris Hansen has finalized a deal to buy a controlling interest in the Sacramento Kings.
USA Today reported that Hansen, along with Microsoft CEO Steve Ballmer and the Nordstrom family, will purchase the 65% stake in the NBA team from the Maloof family for approximately $341 million. The remaining 35% belongs to minority owners and would likely to transferred to the new owners under the transaction.
The group is also expected to relocate the NBA team to Seattle before the league's March 1 deadline.
As part of the deal, the Maloofs will also receive a non-refundable $30 million deposit from the Hansen-Ballmer group.
Hansen is the founder and managing director at San Francisco-based hedge fund firm Valiant Capital. Prior to Valiant, he was a senior analyst and partner at the San Francisco office of New York-based Blue Ridge Capital for 7 years.