A$G will sell ALL SHARES to new owner(s)

[Sothron]

Find it here:

 

http://news.yahoo.com/atlanta-hawks-owners-approve-plan-sell-team-arena-182122884--spt.html

 

 

Praise Jesus!

 

 

[PSSSHHHRRR87]

 

ATLANTA (AP) — The Atlanta Hawks are on the market.

 

The team's owners said Thursday they have unanimously approved a plan to sell all shares. The sale would include operating rights to Philips Arena, the Hawks' home.

 

The sale "will commence immediately," and the team is expected to remain in Atlanta.

 

Mayor Kasim Reed has said the city might offer concessions to any new owner to ensure the Hawks commit to remaining in Atlanta for another 30 years. The Hawks would have to pay a $75 million early termination fee if they leave Philips Arena before the 2018-19 season.

Hawks chief executive officer Steve Koonin had no comment.

 

The announcement was expected following reports last week the full ownership group would join co-owners Bruce Levenson and his Washington partner, Ed Peskowitz, in the sale. Levenson and Peskowitz control 50.1 percent of the team.

 

The ownership group has reason to believe the market is ripe for a big profit.

 

The Clippers, estimated by Forbes one year ago to be worth $575 million, sold for $2 billion last year. The bottom value for a franchise may have been set when the Milwaukee Bucks sold for about $550 million last year. Forbes valued the Hawks at $425 million before the sale of the Clippers and Bucks.

 

The group bought the Hawks, NHL Thrashers and operating rights to Philips Arena for $250 million in 2004. The Thrashers were sold for $170 million in 2011 and relocated to Winnipeg as the Jets.

 

Based on the Hawks' play, the timing for a sale couldn't be better. Attendance is up with the Hawks (27-8) off to their best start in franchise history and holding the best record in the Eastern Conference.

 

In 2011, the Hawks' owners made an unsuccessful attempt to sell to California developer and pizza chain owner Alex Meruelo. The deal fell through after Meruelo was introduced as the new owner.

 

Levenson announced in September he was selling his stake in the team following the disclosure of an email he wrote two years ago. The email contained inflammatory racial comments, including his theory the team struggles with attendance because "the black crowd scared away the whites."

Levenson's email was uncovered in the Hawks' internal investigation of racial comments by general manager Danny Ferry, who remains on an indefinite leave. Ferry's future with the team is expected to be determined by the new owner.

 

To assist with the sale, the Hawks have retained investment management firm Goldman Sachs & Co., which has an Atlanta office, and investment bank Inner Circle Sports LLC.

[AHF]

Great news, but I have celebrated the exit of the ASG once before without it actually happening.  Let's get this done!

[DrReality]

I wonder if the league exerted any pressure to make this happen? Or should I say incentive? 

Edited January 8, 2015 by DrReality

[Gray Mule]

Here's hoping we get a sensible owner and not some rich dude who wants

to change everything to suit himself, just to stroke his own ego.

[nitte]

I dislike ASG as much as the next guy but I have a bad feeling about this.  Like Gray Mule said the new owner may want to make some radical changes (see Sacramento Kings) or even worse may intend to move the team.  Very critical times are ahead.

[hawkman]

Excellent. It's nice to see so many things changing for the better for the Hawks. Hopefully, they get an owner who can appreciate what's happening here and not change too much. The Grant Hill thing sounds intriguing.

[Guest]

I dislike ASG as much as the next guy but I have a bad feeling about this. Like Gray Mule said the new owner may want to make some radical changes (see Sacramento Kings) or even worse may intend to move the team. Very critical times are ahead.

Who knows what the new owners will bring but to mess with all this goodwill and muck it up would be a disaster of epic proportions.

The Hawks aren't moving.

[turnermx]

The new owner/owners(hopefully not plural again) would be foolish to mess with this investment. Ferry, Bud and Koonin should be allowed to continue to do their work and the owner should make a lot of money.

[Guest]

Regarding Hawks sale: Non-disclosure agreements went out on Friday. Financial book expected to be ready in next week or two. #ATLHawks

[Jody23]

Is there any good groups looking to buy the Hawks or just a bunch of guys who want to meddle?

[macdaddy]

Is there any good groups looking to buy the Hawks or just a bunch of guys who want to meddle?

 

It seems to me that usually none of the advanced rumor guys pan out.   

[Admin]

Who knows what the new owners will bring but to mess with all this goodwill and muck it up would be a disaster of epic proportions.

The Hawks aren't moving.

 

What you describe has been 99.9 % of what we've gotten accustomed to as a Hawks fan so I'm not going to put it past this franchise to crap the bed right when we're starting to become a real freaking nightmare for teams. 

[Guest]

What you describe has been 99.9 % of what we've gotten accustomed to as a Hawks fan so I'm not going to put it past this franchise to crap the bed right when we're starting to become a real freaking nightmare for teams.

I know what you mean, that uneasy feeling that every thing will come crashing down.

It gives me nightmares but then I say "enjoy it for as long as we have it."

[Duff_Man]

The thought of losing Ferry, Bud or Koonin is pretty terrifying.

[NBASupes]

That's why I don't want Levien. He will do it his own way. We need to stick to what we have. 

[Jody23]

It seems to me that usually none of the advanced rumor guys pan out.

We'll see. I read David Aldridge's article today about why former players were trying to buy the Hawks and it seemed as if Webber has no respect for what is currently taking place with the team both on the court and with the community. I want no part of that mentality.

[Guest]

We'll see. I read David Aldridge's article today about why former players were trying to buy the Hawks and it seemed as if Webber has no respect for what is currently taking place with the team both on the court and with the community. I want no part of that mentality.

If he has no respect for what's currently happening ON the court he can eff off.

If they cared that much about the community why did they not come play for the Hawks.

Before DF got here what were the Hawks doing in the community.

Just a bunch of hot air.

Edited January 12, 2015 by JayBirdHawk

[Guest]

The feeling in the NBA is Prokhorov will ultimately unload his entire 80 percent of the Nets, despite the denials. But there won’t be much movement until the sale of the Hawks, who are at the stage of touring potential buyers for a 100 percent sale. Further predictions on Prokhorov’s timeline require cracking the mysteries of an unavailable owner. New York Daily News - See more at: http://hoopshype.com/rumors.htm#sthash.hssj4kRS.dpuf

[Randy]

OMG - am I reading that the devils we know is better than the devils we don't know?