Tony Ressler missed the call from the NBA.
So it was by a text message on Wednesday that the new principle owner of the Hawks learned his group had cleared the final approval hurdle and the sale process was complete.
Ressler and his partners were officially introduced on Thursday as the custodians of the Hawks and Philips Arena. That terminology is exactly how Ressler sees his position as owner.
“We are trying, and hopefully will evidence to the community, we own both a community asset and a business,” Ressler said. “Obviously, we are going to be committed to doing the best we can to investing in this team for the long term. We have a view, a strong view, of what ownership should be. We have a view that ownership should create stability and ownership should create ample resource for the team so they can do the best they can. We ascribe to winning a championship at some point and, of course, to offer strategic direction when appropriate. …We hope to make the city proud.”
Ressler said he owns about 50 percent stake in an ownership group of approximately 15 investors. He will serve as the chair of the team’s board of directors and the governor on the NBA Board of Governors. Grant Hill will serve as vice chair of the board.
Other owners at Thursday’s press conference were Steven Price, Rick Schnall, Sara Blakely and Jesse Itzler. Michael Gearon Jr. and Sr., Rutherford Seydel and Beau Turner, the four Atlanta-based members of the former ownership group, combine to own one percent. There are several other unnamed investors with small percentages.
While he believes they have assembled a strong group with talents and expertise that will work collaboratively, Ressler is the clear principle owner with final say on all decisions.
That is an important distinction from the former ownership group whose 11-year tenure was filled with controversy and power struggles. The final chapter of that checkered past has been closed.
“There are real Atlanta folks,” Ressler said. “There are professional investors with business acumen. There are people with real estate acumen. There are certainly people with business of sports acumen. So, there is certainly a good diverse group of investors. The good news, I think we have fully appreciated the history of the Hawks. It is our strong view that with our group, we will be able to have a great input on a variety of issues yet speak with one voice. That is very much the commitment we make to the community and, for what it’s worth, something we feel very strongly within our group will be achieved rather easily.”
Hill, a seven-time All-Star, brings the prospective of a veteran player with 18 NBA seasons.
“It was a lot of hard work to get to this point,” said Hill, who was initially with another group attempting to buy the Hawks. “We also recognize there is a lot more work to be done. We look forward to the opportunity to really be a steward of this franchise. … This team belongs to this community, this fan base, this city. We look at that as a huge responsibility. We welcome that opportunity. We welcome that challenge.”
The day-to-day operations of the team remains with CEO Steve Koonin, Mike Budenholzer and Wes Wilcox. Hill referred to them as “rock stars” who earned the trust of ownership. There are handshake agreements in place for promotions for Budenholzer to president and head coach and Wilcox to general manager. He will replace the recently departed Danny Ferry.
Ressler told The Atlanta Journal-Constitution that he never spoke to Ferry during the sales process. He wanted a clean start for the organization and found solid leadership in Koonin, Budenholzer and Wilcox.
“All of us as investors, owners are going to bring some business and some basketball knowledge but there should be no confusion … that we have a superb management team in Bud and Steve and that is what we are buying into as well,” Ressler said.
Ressler said he has already purchased a home in Atlanta and Hill has discussed the same idea with his family. Both said they expect to be visible presences around the franchise.
Ressler said there is a list of priorities for ownership and made it clear in an interview with the AJC that a new practice facility is one of the top concerns. Philips Arena is also a major issue that will need to be addressed.
That will all come. He’s been on the job one day. It’s been 24 hours a lifetime in the making.
“Owning both a community asset and a business tied to sports, tied to the game of sports, which I actually consider the greatest sports in the world, is a dream I’ve had and couldn’t be more excited about,” Ressler said.
The introductory press conference was held on the same stage that the team unveiled new uniforms a day earlier.
A new era begins.
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