User ID
Password
  Forgot User ID
or Register Today!
VegasInsider.com
Follow Us on Facebook Follow Us on Twitter Follow Us on Google+ VI Mobile Scores and Betting Odds
Home
NFL
NBA
NHL
MLB
NCAA FB
NCAA BK
Golf
Auto Racing
Horses
Boxing/MMA
More
Betting Tools

 
Billionaire fined for trying to undo arena

New Sportsbook.com customers: Make your 1st bet, get your 2nd bet free, 100%, winnings paid in cash.
Join Now

Already have an account? Click here to view new Exclusive Rewards!

   

SACRAMENTO, Calif. (AP) - Billionaire Chris Hansen must pay $50,000 for his role in a secretive effort to funnel money to a group trying to thwart Sacramento's efforts to build a new downtown arena, the California Fair Political Practices Commission said Monday.

Advertisement
The FPPC 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.

``I take a lot of pride trying to do things the right way in my life, and I simply should not have allowed myself to get caught up in the competitive dynamics of this situation and never should have agreed to commit any funds to the Sacramento Arena opposition - under any circumstances,'' Hansen said in a statement posted on his website.

AP NEWS
The Associated Press News Service

Copyright 2014
The Associated Press
All Rights Reserved

  
HEADLINES
Lawrence: Zig-Zag Theory
News: 2014 Playoff Results
News: Clippers, Pacers still favored
Blazers outlast Rockets 122-120 in OT
Wizards rally past Bulls 102-93 in Game 1
Heat roll past Bobcats 99-88 in Game 1
Duncan rallies Spurs past Mavs, 90-85
NBA: Refs missed call for Clippers
Popovich to Sager: 'I promise I'll be nice'
MORE HEADLINES
 
Why Buy Picks From VegasInsider.com
NBA Pro Basketball Handicapper Sports Picks Records
NBA Hot Streaks
15-6 L21 Picks, +4,093 This Year
9-2 L11, 16-4 L20, 37-12 Streak
4-0 L4 G-Plays, +1,787 This Year
6-2 L8 Picks, 10-3 L13 Win Streak
20-9 L29, +1,970 G-Plays TY
4-1 Last 5 Total Plays
12-4 L16 Totals, +1,724 Picks TY
18-9 Last 27 Selections
4-1 L5 G-Plays, +1,576 TY
9-3 L12 G-Plays, 10-3 L13 Totals
+1,453 Totals This Year
5-2 L7 G-Plays, 6-3 L9 Picks
8-3 L11 Picks, 13-5 L18 G-Plays
4-1 L5 Picks & Guarantees
9-2 Last 11 Over/Unders
NBA Pro Basketball Expert Sports Picks
2013 NBA SEASON PICK RECORDS
Money Leaders
Handicapper Money
Chip Chirimbes + 4183
Mike Rose + 1777
Stephen Nover + 1614
Last 7 Day Leaders
Handicapper Money
Chip Chirimbes + 474
Paul Bovi + 379
Doc's Sports + 280
Percentage Leaders
Handicapper Pct
Dave Cokin 59 %
Chip Chirimbes 58 %
Paul Bovi 57 %
Guaranteed Leaders
Handicapper Money
Michael Black + 2070
The Prez + 1413
Paul Bovi + 1213
Over-Under Leaders
Handicapper Money
Stephen Nover + 1337
Tony Stoffo + 1228
Kyle Hunter + 1045
Member Leaders
Handicapper Money
Bruce Marshall + 1692
Mike Rose + 1494
Chip Chirimbes + 1098
MORE PICK RECORDS
  
corner graphic
With a VI Gold Membership, you can SAVE 10% off a Live Odds subscription, SAVE 20% off Daily Pick packages, and receive access to up to 1,000 Member Plays each month!