Billionaire Chris Hansen Fined $50K for Trying to Halt Sacramento Arena Deal

by September 10, 2013
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Chris Hansen, the billionaire who tried and failed to take the Kings from Sacramento and bring them to Seattle, has received a very light slap on the wrist. Hansen was fined $50,000 for his role in an attempt to sabotage a new arena deal in Sac-Town. Per the AP: “The California Fair Political Practices Commission found that, just days after the NBA rejected Hansen’s $625 million bid to buy the Sacramento Kings and move them to Seattle, he gave $100,000 to a group leading an effort to thwart Sacramento’s efforts to keep the team. A group of investors led by technology executive Vivek Ranadive bought the team for $535 million, one day after the NBA rejected Hansen’s bid. The NBA has said that Sacramento must build a modern arena to keep the Kings in town. The team’s new owners have set a 2016 target. The state political watchdog found that Hansen gave $100,000 to a group gathering signatures to thwart Sacramento’s plan to keep the team by forcing a citywide vote on the city’s planned $258 million subsidy for a downtown arena. Hansen tried to buy the team earlier this year as city officials scrambled to find a buyer who would keep the franchise in Sacramento. The FPPC said Hansen is being punished for failing to file a campaign statement. Hansen has agreed to the fine, and the commission will vote to make it official. The hedge fund manager has apologized, saying he regretted his actions.”