Lawsuit claims Thrashers lost $130M since 2005

A lawsuit filed by the owners of the NHL’s Atlanta Thrashers

says the team has lost more than $130 million since 2005 and claims

the franchise’s value has dropped by more than $50 million.

The lawsuit filed Friday in Fulton County Superior Court also

said that the ownership group Atlanta Spirit has been in

negotiations with potential buyers to sell the team but could not

because of an ownership split.

The team’s owners reveal the information as part of a lawsuit

that accuses Atlanta law firm King & Spalding of drafting a

”flawed” contract that prevented the team’s sale.

It was filed by the Atlanta Spirit, a seven-man group that owns

the Thrashers, the NBA’s Atlanta Hawks and operating rights to the

Philips Arena.

Spirit co-owner Michael Gearon said the malpractice lawsuit

would have no effect on the teams. King & Spalding’s attorney

did not immediately return calls seeking comment.