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A hedge-fund manager's $500 million plan for Seattle to poach Sacramento's professional basketball team, the Kings, has city officials in California's capital fuming. But time may be on Sacramento's side in its attempt to keep the franchise.
San Francisco hedge-fund manager Christopher R. Hansen, founder of Valiant Group, this week released a letter he wrote to Seattle Mayor Michael McGinn and King County Executive Dow Constantine thanking them for their co-operation in putting together a proposal that includes building an arena near the stadiums used by Seattle's pro football and baseball teams.
The letter made clear Mr. Hansen's intention of buying a National Basketball Association team—as well as attracting a National Hockey League franchise —to play...
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