The Atlanta Hawks have found a buyer, as a group led by private equity entrepreneur Antony Ressler has purchased the team.
The sale is for approximately $850 million, according to ESPN's Kevin Arnovitz. The progression of the deal was first reported by Yahoo Sports' Adrian Wojnarowski.
The Hawks announced the sale during the second quarter of their playoff game on Wednesday, with Ressler releasing the following statement:
We are honored and thrilled to have been chosen to become the new stewards of the Hawks. We respect the NBA's approval process and, accordingly, can say no more other than we are incredibly excited by the Hawks' success and wish them luck in the playoffs.
The deal, which includes operating control of Philips Arena, still requires approval from the NBA Board of Governors.
Former NBA All-Star Grant Hill is part of the ownership group led by Ressler, who was also one of three finalists in the bidding for the Los Angeles Clippers last year (ultimately falling well short of Steve Ballmer's winning $2-billion bid). Ressler will be the clear majority owner, according to the Atlanta Journal Constitution.
The group also includes Spanx owner Sara Blakely and husband Jesse Itzler.
Hawks owner Bruce Levenson announced in September he would sell his majority stake after a racially charged 2012 email he wrote came to light. The team went on the market in January.
Ressler, the co-founder of private-equity firms Apollo Management and Ares Management, also holds a minority stake in Major League Baseball's Milwaukee Brewers.
The Hawks are in the midst of a franchise-best campaign, as the Eastern Conference's top seed leads the Brooklyn Nets 1-0 in their first-round playoff series following a franchise-record 60-win regular season. Coach of the Year Mike Budenholzer and CEO Steve Koonin remain in the franchise's immediate plans.
