NBA

Ownership of The Atlanta Hawks agree to sell 100%

The three groups who own the Atlanta Hawks have come to the agreement to sell the franchise according the the Atlanta Journal-Constitution. The three groups are lead by a Washington-base group that holds a 50.1 percent stake in the Hawks, an Atlanta-base group made up of three men whom own 32.3 percent of the Hawks, and a New York-base group led by Steven Price whom owns the remaining 17.6 percent. All groups have come to an agreement and will put the Atlanta franchise up for sell starting next week with the assistance of an investment firm Goldman Sachs and Inner Circle Sports. The estimation of the Hawks comes to an amount of over $600 Million.

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The Hawks franchise still has a debt with the home arena in downtown Atlanta. The Philips Arena is owned by the Fulton County Recreation Authority. The arena has a debt of over $120 Million and will be factored into the selling of the franchise.

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According to the Atlanta Journal-Constitution, Hawks vice president commented on the reports stating, “At this time, the team has no comments of the report of the sale of the franchise.” 

Former player have expressed interest in owning the Hawks. Former players such as Dikembe Mutombo and Chris Webber. I am sure we will hear from both and other suitors for the ownership of the Atlanta Hawks.

 

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