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
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.