Sale Approved by the NBA

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http://sports.espn.go.com/nba/news/story?id=1758126

Associated Press

ATLANTA -- The NBA approved the $250 million sale of the Atlanta Hawks and Thrashers on Friday, but the NHL must still sign off on the deal before the new ownership group can take over.

The NBA announced that its board of directors would allow the sale of the Hawks to a nine-man group headed by Boston businessman Steve Belkin, who was rebuffed in his bid for an expansion franchise in Charlotte.

"It's a dream to own one team, much less two teams," said Bruce Levenson, a member of the ownership group. "But we have one more hurdle to clear. Until that happens, I still can't pop the cork."

The Thrashers part of the deal must go through the NHL, which could take a vote of its owners by late next week.

"It's their process," said Levenson, who attended Friday night's game between the Hawks and Washington Wizards. "We would like to be told it's going to be such and such a time frame, but they are very focused on it and I think it will be very, very soon."

Already, the process of gaining approval for the new owners has taken six months -- longer than anyone expected. The sale also includes Philips Arena, home of the Hawks and Thrashers.

"It's pretty unusual to do two sports teams at the same time," Levenson said. "I wouldn't have thought it would have taken this long, but it did. I guess there is no par for this course."

Actually, the sale process has dragged on for nearly a year. Dallas auto dealer David McDavid began exclusive talks to buy the teams last April, but could never close the deal.

With McDavid still believing his offer would work out, Time Warner suddenly changed course. The media conglomerate announced its was selling the teams to a group headed by Belkin, founder and chairman of the Boston-based marketing and investing company Trans National Group.

Belkin and Larry Bird headed a group that made a bid for an expansion team in Charlotte. In December 2002, the NBA picked Black Entertainment Television founder Robert Johnson to get the team, which will begin play next season and be known as the Bobcats.

The partnership -- known as Atlanta Spirit LLC -- includes Beau Turner, youngest son of former Hawks owner Ted Turner, and Turner's son-in-law, attorney Rutherford Seydel.

Ted Turner owned the Hawks and baseball's Atlanta Braves, but lost control of the teams through a series of corporate mergers. The Thrashers joined the NHL as an expansion team in 1999.

The Hawks are especially anxious to get the new owners on board. The foundering franchise has unloaded most of its high-priced players, will likely miss the playoffs for the fifth year in a row and is plagued by some of the worst fan support in the NBA.

"It's a new day," guard Jason Terry said. "It's going to be interesting to see the first move they will make."

No one is more interested than embattled coach Terry Stotts, who has one year left on his contract.

"I am happy for the new owners. They are very passionate about owning the team," Stotts said. "If anybody has had to have patience, it's them. They jumped in September ready to get going, but they've had to wait. It's been a long time coming, but I'm glad it's here."

Time Warner decided to unload the Hawks and Thrashers to help relieve some of its massive debt. The company has backed off in its efforts to sell the Braves.

Turner Broadcasting, a Time Warner subsidiary, will retain 15 percent ownership of Atlanta Spirit, but will have no say in operations. The rest of the group is split into thirds.

One section is Atlanta-based and includes carpet company owner Bud Seretean, longtime Hawks executive Michael Gearon, his son, Michael Gearon Jr., Seydel and Beau Turner.

One third of the group is Washington-based and includes two former minority owners of the NHL's Washington's Capitals, Bruce Levenson and Ed Peskowitz, along with Todd Foreman.

Belkin owns a third by himself. He will concentrate on the Hawks, while the Washington-based group -- with its hockey experience -- and Seydel will work with the Thrashers.

Peskowitz will be primarily responsible for Philips Arena, both as a sports and concert venue. "

[Diesel]

Belkin was like the first guy on the floor when the Celtics won the Championship under Bird for the first time. I hope he will get to do that again here in Atlanta.