Antony Ressler, who is a private equity billionaire, is leading a group that is finalizing a deal to purchase the Atlanta Hawks. Former NBA All-Star and current TNT broadcaster Grant Hill is also one of the bigger names involved with the group. The new ownership group, which still needs to be approved by the NBA’s Board of Governors, is planning to keep Hawks CEO Steve Koonin so they can have him remain in charge of the organization’s business on a day-to-day regiment.
Following from the Atlanta Journal Constitution.
Ressler, 55, is a co-founder of two private equity firms, Apollo Global Management and Ares Management. He is also a minority owner of the Milwaukee Brewers. According to Forbes, he is worth approximately $1.43 billion dollars.
According to several people familiar with the situation, the ownership group also includes former NBA player Grant Hill, co-founder of Marquis Jets Jesse Itzler and his wife Sara Blakely, the founder of Spanxx. New York broker Steve Starker is also reportedly part of the group. Current co-owner Michael Gearon Jr. will also retain a percentage of the franchise. The group will also include several other minority investors. Itzler is a season-ticket holder for the Hawks and has done consulting work for the organization. Hill was seen at Philips Arena offices earlier this week.
From David Aldridge of Turner Sports.
Hawks' sale price to Tony Ressler group for $850M includes debt on Philips Arena. Deal is progressing to conclusion.
— David Aldridge (@daldridgetnt) April 22, 2015
The team’s majority owner, Bruce Levenson, was forced to sell the team after a racially insensitive e-mail sent to the Hawks’ staff surfaced last year, which also saw their GM Danny Ferry remove himself from his position forcing Head coach Mike Budenholzer to take over.
The Hawks have had a historic season to date, winning 60 games and earning the top seed in the Eastern Conference playoffs. Also, Hawks coach Budenholzer was just voted the NBA Coach of the Year. New ownership is expected to prioritize a new contract for Budenholzer as one of their moves when they finally come into power. It remains to be announced if Grant Hill will stop commentating for Turner sports.
