Hawks announce sale to group led by Ressler, former All-Star Hill
ATLANTA -- Amid a season that has seen the Hawks alter perceptions by winning a franchise-record 60 games, claiming the Eastern Conference's No. 1 seed and having Mike Budenholzer named Coach of the Year honors, another change is coming.
The team announced Wednesday a definitive agreement for the sale of the team, which includes operations of Philips Arena, to an ownership group led by private equity billionaire Tony Ressler. Seven-time NBA All-Star Grant Hill, Spanx founder Sara Blakely and Marquis Jet co-founder Jesse Itzler, who are married, and Richard Schnall are also part of the group.
The NBA Board of Governors must approve the sale, the financial terms of which were not released by the Hawks, but was reported by multiple sources to be for $850 million.
"We are honored and thrilled to have been chosen to become the new stewards of the Hawks," said Ressler in a statement. "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."
Budenholzer and CEO Steve Koonin are expected to be part of the new group's long-term plans for the franchise.
"We are excited to welcome this new ownership group and are deeply gratified by its commitment to the Hawks and the Atlanta community," said Koonin. "We are pleased that the group is committed to continue building on the franchise's storied history and recent success."
