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

by September 10, 2013

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.”