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Another report that Hawks are close to being sold

Jun 27, 2011, 4:11 PM EDT

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First came the report the Hawks were very close to being sold again. Then the expected denial. Again.

Now comes a second report from a trusted place — David Aldridge of NBA.com — that the sale is indeed close.

The sale is close to being completed, though it won’t be finalized in time for an approval vote by the Board of Governors at its meeting Tuesday in Dallas. There is a single, and up to now, anonymous buyer, according to a source. The amount? I’m told it’s in the neighborhood of $300 million, including debt on the team. The team’s current ownership group, Atlanta Spirit, is expected to remain on in a minority ownership capacity, according to the source, who’s been briefed on the terms of the pending transfer.

Another group led by the founders of the Outback Steakhouse chain in Florida also put in a bid on the team, according to a source, though it’s unclear how much they put up or if they were ever seriously considered …

Expect this to go down at some point soon.

Interesting side note here — when the Atlanta Hawks offer Joe Johnson a max deal last summer (six years and he is making more than LeBron) it seemed unwise, but there were rumors it got approval from some of the Atlanta Spirit investors because they were not going to be around to deal with bad end of that deal. Seems like they may have been thinking about this sale for a while.

  1. themanchine - Jun 27, 2011 at 4:21 PM

    but there were rumors it got approval from some of the Atlanta Spirit investors because they were not going to be around to deal with bad end of that deal

    Year one was bad enough

  2. goforthanddie - Jun 27, 2011 at 5:00 PM

    That ownership team was a disaster from day one. I don’t give a rip about the Hawks but they do deserve better.

  3. bobulated - Jun 27, 2011 at 5:44 PM

    I’m a Hawks fan (and was Thrashers fan) so I want to take this moment to thank the Atlanta Spirit for being a bunch of greedy, bumbling idiots who couldn’t agree the sky was blue.
    Let’s make a short list of idiocy under the Spirit’s watch;
    1. Making Billy Knight a GM ( responsible for much of the rest of the list)
    2. The trade for Joe Johnson
    2a. Compounding that later by giving Iso-Joe a max contract.
    3. Managing to draft Marvin Williams instead of Deron Williams or Chris Paul in 05.
    4. Drafting Sheldon Williams with the 5th pick of the 06 draft.
    5. Hiring the cheapest coach possible in 10.
    6. Destroying hockey in Atlanta for the foreseeable future.

  4. Robert - Jun 27, 2011 at 7:02 PM

    Kansas City or San Jose Hawks!!!

    • dyoshot - Jun 29, 2011 at 4:32 PM

      There are bonds on the Hawks that prevent them from moving before 2028 or something like that. Hawks won’t be moving anytime soon.

  5. mannyicey - Jun 28, 2011 at 11:55 AM

    I can understand the frustration, but Billy Knight was hired at EVP and GM of the Hawks in 2003. The Spirit took over the team a year later.

    JJ? It was a good move getting him because they lacked a playmaker and JJ will make some plays. But the Max contract? That was foolish.

    • bobulated - Jun 28, 2011 at 2:35 PM

      You’re right on the timeline Manny, my bad. That being said Billy Knight was a horrible GM and I felt they gave up too much for Joe initially; he wanted out of PHO and would only do a sign and trade yet the Hawks gave the Suns a prime package.

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