The Atlanta Hawks are enjoying the most successful season in franchise history. And now that long-standing ownership questions have finally been answered, Mike Budenholzer’s team seems primed to continue winning for the long-haul.
According to Scott Soshnick of Bloomberg News, a group led by Tony Ressler and featuring Grant Hill submitted a winning bid of $730 million to purchase the Hawks.
BREAKING: Tony Ressler of Ares Management LP wins bidding for @ATLHawks. Price is $730 million, source says #sportsbiz #NBA
— Scott Soshnick (@soshnick) April 22, 2015
Ressler's group includes Grant Hill, BTIG's Steven Sarker and Marquis Jet co-founder Jesse Itzler #sportsbiz #NBA
— Scott Soshnick (@soshnick) April 22, 2015
Atlanta was officially made for sale in early January. Former majority owner Bruce Levenson agreed to release his stake in the franchise following the offseason surfacing of derogatory e-mails regarding the team’s clientele. Though no official announcement on the matter has been made, previous reports have indicated that the Hawks would remain in Atlanta no matter who gained their controlling interest.
The $730 million price tag is relatively low compared to expectations and recent precedent. Recent intel suggested the Hawks would sell for approximately $1 billion, and the Los Angeles Clippers sold for a whopping $2 billion last summer.
Congratulations to Tony Ressler, Hill, and other minority owners in addition to everyone associated with the Atlanta organization.
