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they just announced on TV that the ATL Spirit lawsuit has finally been settled

f_town

By f_town
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TheTruth Experienced

TheTruth

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Hawks, Thrashers ownership group settle lawsuit

By Kristi E. Swartz

The Atlanta Journal-Constitution

The owners of the Atlanta Hawks and Atlanta Thrashers have settled their six-year, high-profile legal battle, according to a statement sent from the ownership group, known as the Atlanta Spirit.

Terms of the settlement were not disclosed and are confidential, the statement said.

Part of the settlement includes seven of the group's co-owners buying out Steve Belkin's 30 percent stake in the group. There are no new investors to replace Belkin.

Michael Gearon and Bruce Levenson will serve as managing partners of the Atlanta Hawks, Atlanta Thrashers and Philips Arena.

The eight-man group have been fighting in court since 2005 over how much seven of the partners should pay Steve Belkin to buy out his 30 percent stake in the group. The ongoing legal dispute earned the group a reputation as the most fractious ownership in North American professional sports.

A judge ruled in August 2009 that the contract that outlined the buyout process was too ambiguous -- and that the Spirit should resume operations as it was before 2005.

Come back to ajc.com for updates.

AJC staff writers Ken Sugiura and Chris Vivlamore have contributed to this article

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niremetal Rising Star

niremetal

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well better that than keep paying the lawyers for even more years

I wish I could +10 this post. The lawyers for each side obviously did not make the papers much, but they played a big role in keep this dispute going as long as it did.

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Joker Newbie

Joker

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This is better news for the Thrashers than us. They were willing to spend on the Hawks, the Thrashers, not so much.

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ATLSmith Newbie

ATLSmith

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Our long national nightmare is finally over. Now if only Arthur Blank could buy the Hawks/Thrashers from them. :helpsmilie:

Perhaps after the Falcons win the Super Bowl this year he'll set his sights elsewhere... We can only hope.

Would be strange to see him walking court-side shaking hands with Smoove after a block or dunk.

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niremetal Rising Star

niremetal

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Our long national nightmare is finally over. Now if only Arthur Blank could buy the Hawks/Thrashers from them. :helpsmilie:

Arthur Blank enjoys earning a profit. He'll stay away from owning an NBA team at least until the current CBA is scrapped and replaced with one that fits with a more sustainable business model (although many other things would need to change besides the CBA for most teams to get out of the red). Owning an NFL team is as close to having a license to print money as there is in pro sports. Owning an NBA team (at least outside LA/Bos/NY) gives you a guaranteed tax write-off, but that's about it.

Blank strikes me as a smart investor. Owning a pro basketball team in football country in a league whose business model makes it almost impossible to operate at a profit would not be a wise investment.

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Joker Newbie

Joker

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Arthur Blank enjoys earning a profit. He'll stay away from owning an NBA team at least until the current CBA is scrapped and replaced with one that fits with a more sustainable business model (although many other things would need to change besides the CBA for most teams to get out of the red). Owning an NFL team is as close to having a license to print money as there is in pro sports. Owning an NBA team (at least outside LA/Bos/NY) gives you a guaranteed tax write-off, but that's about it.

Blank strikes me as a smart investor. Owning a pro basketball team in football country in a league whose business model makes it almost impossible to operate at a profit would not be a wise investment.

You can easily earn a profit in the NBA if your a good drawing team with high ticket prices. People act like Blank is the god of owners. He's much better than anyone since Ted but let's be real. He would have never brought the Falcons without Vick. Vick was such a draw he made them profitable. Look at the Hawks, they are far from profitable and no reason in sight to believe they will be profitable. Dan Gilbert passionate but you think he would have brought the Cavs without Lebron. The Smith Family and Gund Family have been trying to sell those franchises for years but no one wanted it because it wasn't profitable.

Arthur wasn't making much last year in Atlanta with the Falcons. Thanks to ticket sales, the arena lease, and buzz. This year he's seems to have fixed two out of three locally and he has hired well.

There are about 15-18 profitable teams in the NBA. Obviously the Hawks aren't one of them.

Edited by nbasuperstar40
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