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Antony Ressler New Owner

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By AHF
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AHF Grand Master

AHF

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http://espn.go.com/nba/story/_/id/12742256/antony-ressler-nearing-850m-deal-buy-atlanta-hawks

 

 

 

Entrepreneur Antony Ressler has agreed to buy theAtlanta Hawks for a sale price of approximately $850 million, sources confirmed Wednesday.

The sale will be financed by cash and assumption of some debt, sources said.

 

Hawks CEO Steve Koonin and coach Mike Budenholzer will be part of the long-term plans of the new ownership group, sources close to the process told ESPN's Ramona Shelburne.

The deal, which is expected to be announced later Wednesday, also includes operating control of Philips Arena, sources told Shelburne.

Ressler, an owner of the private equity and investment firm Ares and a real estate developer, was one of three finalists in the Los Angeles Clippers' sale last spring. The group's bid of $1.2 billion fell short of the $2 billion purchase price submitted by Steve Ballmer.

The purchasing group led by Ressler also includes former NBA All-Star Grant Hill, Spanx owner Sara Blakely and her husband, entrepreneur Jesse Itzler.

The Hawks went on the market in January following the publication in September of an email written by principal owner Bruce Levenson in 2012 that expressed concern that large numbers of African-American spectators at his team's games were driving away more affluent, middle-aged, white suburban fans.

"My theory is that the black crowd scared away the whites and there are simply not enough affluent black fans to build a significant season ticket base," Levenson wrote.

Levenson was effectively forced into exile, along with general manager Danny Ferry, whose racially insensitive comments on a conference call were also made public.

Yahoo! Sports earlier reported that a deal between the Hawks and Ressler's group was close.

The Hawks, the No. 1 seed in the Eastern Conference, host the Brooklyn Nets in Game 2 of their first-round series Wednesday night. Atlanta leads the series 1-0.

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AHF Grand Master

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http://sports.yahoo.com/news/sources--billionaire-antony-ressler-leading-group-that-s-finalizing-deal-to-buy-hawks-182441186.html

 

Private equity billionaire Antony Ressler is leading a group that is finalizing a deal to purchase theAtlanta Hawks, league sources told Yahoo Sports.

Ressler’s group will purchase the team from majority owner Bruce Levenson for a figure somewhere between $800-plus million and $900 million, sources told Yahoo Sports.

Former NBA All-Star Grant Hill and Atlanta entrepreneur Jesse Itzler will be investors in the group, sources said.

The new ownership group, which will need to be approved by the NBA’s Board of Governors, is planning to retain Hawks CEO Steve Koonin and keep him in charge of the organization’s day-to-day business.

Levenson was forced to sell the team after a racially insensitive memo sent to the Hawks’ staffsurfaced last year. The Hawks have had a historic season, winning 60 games and earning the No. 1 seed in the Eastern Conference playoffs. Hawks coach Mike Budenholzer was voted the NBA Coach of the Year. New ownership is expected to prioritize a new contract for Budenholzer.

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NBASupes Grand Master

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It seems like an ASG group but I actually like these owners. I like Ressler from his bio. Hill is cool and needed. The Itzlers are adding the family-husband and wife element. They seem to get alone. Who knows how this works? With Grant being Chairman, I can't see Ferry not being brought back.

Edited by nbasupes40retired
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