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Hansen Funded Effort Against Kings Arena Deal
Posted By HOOPSWORLD On August 16, 2013 @ 10:40 pm In Headlines,NBA Headlines | No Comments
Weeks after his aggressive bid to buy and relocate the Sacramento Kings to Seattle failed, hedge fund manager Chris Hansen bankrolled an effort to undercut a deal the team’s new owners made to build an arena in Sacramento, documents show.
The documents, filed Friday with the California Secretary of State, show that Hansen donated $100,000 on June 21 to a political action committee attempting to halt the $448 million deal to build the Kings a new downtown arena.
As part of the agreement put together by NBA commissioner David Stern, new Kings owner Vivek Ranadive and Sacramento officials are being held to a timetable to keep the team on pace to be in the new arena by the 2016-17 season. If the arena plans were to fall apart, there is a chance the league’s owners would reconsider relocation. A previous deal to build the Kings an arena in Sacramento collapsed in 2012.
Hansen’s clandestine support of a campaign against the project could be seen as an effort to derail the plans again.
Hansen said he “made a mistake” by giving a Los Angeles law firm $100,000. The firm secretly funneled $80,000 to a group gathering signatures to force a public vote on the arena plan, which would have at least $258 million in public money.
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