There was no white smoke signal. In fact the official change in Atlanta Hawks ownership came in a two paragraph press release from the NBA.
With the unanimous approval of the Board of Governors, the franchise changed hands from the group formerly known as the Atlanta Spirit to a group led by billionaire Tony Ressler. The vote was the final step in a sales process that began in September.
So ended an 11-year controversy-filled tenure.
“We are pleased that the NBA’s Board of Governors has approved the purchase of the Atlanta Hawks by principal owner Tony Ressler,” NBA Commissioner Adam Silver said in a statement. “Tony and his diverse and experienced ownership group will bring tremendous energy and passion to the Hawks and the team and its fans will greatly benefit from their commitment to the Atlanta community.”
The Hawks will hold an 11 a.m. press conference at Philips Arena Thursday to introduce the new ownership team. Ressler is joined by former NBA player Grant Hill, Clayton Dubilier and Rice partner Rick Schnall and Spanx founder Sara Blakely and Marquis Jet co-founder Jesse Itzler, who are married. Ressler and Hill will be at the press conference, which will be televised by SportSouth.
The ownership group also includes former owners Steven Price and Bob Goodman from the New York-based group. Michael Gearon Jr. and Sr. and Rutherford Seydel of the Atlanta-based group will retain a small investment of one percent combined. They were grandfathered in from the new NBA rule that requires an individual owner have at least a one percent share in a team. There are others with a small share in the franchise and Philips Arena. Ressler is the clear majority owner with a nearly 50 percent stake.
Hawks controlling owner Bruce Levenson announced his intention to sell his stake in the team in September following the discovery of a 2012 email that contained racist remarks about the team’s fan base and game operations. His Washington, D.C.-based partners Ed Peskowitz and Todd Foreman are also selling their full shares. One hundred percent of the franchise was available when an agreement to purchase was finalized with Ressler in April.
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