Chiefs owner sued over New Mexico investment deal
KANSAS CITY, Mo. (AP) The owner of the Kansas City Chiefs is being accused in a lawsuit of improperly receiving hundreds of millions in state investment money through a kickback deal with New Mexico officials.
The Kansas City Star reports Sunday the New Mexico State Investment Council filed the lawsuit late last month against Clark Hunt and HFV Asset Management over the politically influenced investment deals.
Hunt didn’t comment to the newspaper on the lawsuit Sunday morning. Hunt’s father, Lamar, founded the Chiefs franchise and is in the Pro Football Hall of Fame.
The lawsuit says Hunt made a deal 12 years ago with two men with political connections who promised to steer New Mexico investment money to a hedge fund in exchange for payments. Hunt was a partner in the hedge fund.
New Mexico awarded $300 million to the hedge fund and paid millions in management fees. The lawsuit said one of the investment funds lost $13 million during the period.
”Hunt sought to gain unfair advantage by paying for influence over the process,” New Mexico officials said in the lawsuit.
The accusations are tied to the pay-to-play scandal that took place during administration of former New Mexico Gov. Bill Richardson.
New Mexico has already negotiated more than $30 million in settlements related to the pay-to-play investment scandal.
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