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HF Manager Loses Bid to Move Sacramento Kings to Seattle

May 01, 2013
Jing Chen

San Francisco hedge fund manager Chris Hansen is not giving up his bid to move professional basketball team Sacramento Kings to Seattle.

Reuters reported that despite Monday’s rejection from a committee of NBA owners to relocate the team, Hansen, who is leading the prospective Seattle ownership group, announced in a statement that they “remain fully committed to seeing [the] transaction through.”

Hansen, the founder of Valiant Capital Management, said his group would continue to make its case to the committee of NBA team owners. The group will take their final vote between now and May 13.

The rejection is seen as a victory for a group headed by Sacramento mayor Kevin Johnson, who has a rival bid set up to keep the basketball team in the city.

eVestment previously reported that Hansen signed a $357.5 million agreement to purchase the team from its majority owners, the Maloof family. The Reuters article added that a Maloof family representative said that the family has “no serious desire by the Sacramento group to arrive at [a deal].”

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