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Agreement in place to sell Atlanta Hawks

Discussion in 'NBA Dish' started by mrm32, Jan 2, 2015.

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mrm32 Member

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<blockquote class="twitter-tweet" lang="en"><p>BREAKING: According to league source, agreements in place for 100 percent of Hawks to be sold. Story to come. <a href="https://twitter.com/hashtag/ATLHawks?src=hash">#ATLHawks</a></p>— Chris Vivlamore (@CVivlamoreAJC) <a href="https://twitter.com/CVivlamoreAJC/status/551049547087368192">January 2, 2015</a></blockquote>
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http://www.sbnation.com/nba/2015/1/2/7481263/atlanta-hawks-sale-finalized

The Atlanta Hawks are ready to change hands after all three team ownership groups have reached an agreement to sell, according to the Atlanta Journal Constitution.

The team does not have a buyer yet, but will officially go on the market next week.

Bruce Levenson, the controlling owner who started the process by self-reporting an email making stereotypes about the fanbase's racial composition, leads a Washington-based group that holds a 50.1 percent stake in the Hawks. An Atlanta-based group made up of Michael Gearon Jr. and Sr., Rutherford Seydel and Beau Turner own 32.3 percent of the franchise, while a New York-based group led by Steven Price owns the remaining 17.6 percent. The agreement reached allows the full 100 percent of the Hawks to be sold, not just Levenson's majority that was previously on the table.

The decision was surely made easier by the lucrative $2 billion sale of the Los Angeles Clippers to Steve Ballmer in August and the Bucks selling for $550 million before that in May. Grantland's Zach Lowe reports the franchise could sell for somewhere between those two numbers.

The ownership changes come in light of the email written by Levenson in 2012 that made assumptions about Atlanta's African American fanbase and game operations. When the news came out in September, Levenson said he self-reported himself to the NBA.

General manager Danny Ferry was also involved in a scandal when he reportedly said Luol Deng had some "African" in him. Ferry remains on an indefinite leave of absence from the team.

After a meeting with Adam Silver, Levenson said he would look to sell his share of the Hawks, but it seems the sale can begin in earnest now that all three ownership groups have come together.
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#1 mrm32, Jan 2, 2015

mrm32 Member

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<blockquote class="twitter-tweet" lang="en"><p>Guesses from insiders on 100% valuation of Hawks have generally ranged from $700M-$1B. High end seems too high to me, but we'll see.</p>— Zach Lowe (@ZachLowe_NBA) <a href="https://twitter.com/ZachLowe_NBA/status/551053405179744257">January 2, 2015</a></blockquote>
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#2 mrm32, Jan 2, 2015
LCAhmed Contributing Member

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Does Memphis or New Orleans make their way out of the west and into the east?

#3 LCAhmed, Jan 2, 2015
mrm32 Member

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LCAhmed said: ↑

Does Memphis or New Orleans make their way out of the west and into the east?
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New Orleans seems to be further east so this may benefit them if new ownership decides to relocate the Hawks to say, idk, Seattle?

#4 mrm32, Jan 2, 2015
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Fingers crossed for overly-involved-new-owner-syndrome

#5 shastarocket, Jan 2, 2015
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too bad I finished shopping last week

#6 Exiled, Jan 2, 2015
Juxtaposed Jolt Member

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Would ATL not stay in ATL?

#7 Juxtaposed Jolt, Jan 2, 2015

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I'd like to see the Hawks stay in Atlanta. It's never fun for a city to lose their team.

#8 JayGoogle, Jan 2, 2015
mrm32 Member

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Juxtaposed Jolt said: ↑

Would ATL not stay in ATL?
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I would doubt it. Hasn't there attendance suffered for a while now?

According to ESPN http://espn.go.com/nba/attendance

They are 24th in the league in attendance and that is with them having the 4th best record in the league.

#9 mrm32, Jan 2, 2015
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<blockquote class="twitter-tweet" lang="en"><p>To clarify, The Hawks have NOT been sold. I have reported only that 100 percent of the team is available for purchase. <a href="https://twitter.com/hashtag/ATLHawks?src=hash">#ATLHawks</a></p>— Chris Vivlamore (@CVivlamoreAJC) <a href="https://twitter.com/CVivlamoreAJC/status/551063886968156160">January 2, 2015</a></blockquote>
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Are you ready for the urbanization of the Hawks?

#10 shastarocket, Jan 2, 2015
Last edited: Jan 2, 2015
Jontro Member

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I got about $61.57 I can spare.

How much do yall got?

#11 Jontro, Jan 2, 2015
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Do you guys think the league would let them leave?

#12 kdchilds, Jan 2, 2015
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700hundred to 1B is way too much for that team

#13 pippendagimp, Jan 2, 2015

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pippendagimp said: ↑

700hundred to 1B is way too much for that team
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yep 500 mill max IMO

#14 Pull_Up_3, Jan 2, 2015
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Jontro said: ↑

I got about $61.57 I can spare.

How much do yall got?
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$20 and a DVD copy of Nymphomaniac Vol 1 and 2......

#15 Salvy, Jan 2, 2015
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pippendagimp said: ↑

700hundred to 1B is way too much for that team
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Pull_Up_3 said: ↑

yep 500 mill max IMO
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You know the Bucks sold for $550m less than a year ago, and Atlanta is a much bigger city.

#16 heypartner, Jan 2, 2015
mrm32 Member

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heypartner said: ↑

You know the Bucks sold for $550m less than a year ago, and Atlanta is a much bigger city.
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And is also a much better team.

#17 mrm32, Jan 2, 2015
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idk, after what sterling got, i could see the hawks going for 1b to the right bidder...

#18 kokopuffs, Jan 2, 2015

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Move those boys to Seattle. They'll be called... the Seattle Hawks. Sounds familiar, doesn't it?

#19 HRox832, Jan 2, 2015
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LCAhmed said: ↑

Does Memphis or New Orleans make their way out of the west and into the east?
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If the Hawks move to Seattle, then one of those two moves to the EC and OKC slides from the Northwest Division to the Southwest Division. That'll make the Southwest OKC, Dallas, SA, Houston & Memphis/NO.

#20 MONON, Jan 2, 2015

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