Private equity billionaire Antony Ressler is leading a group that has finalized an agreement to purchase the Atlanta Hawks.
Ressler’s group will purchase the team from majority owner Bruce Levenson for a figure somewhere between $800 million-plus and $900 million, sources told Yahoo Sports.
Former NBA All-Star Grant Hill and Atlanta entrepreneur Jesse Itzler will be investors in the group, sources said.
The new ownership group, which will need to be approved by the NBA’s Board of Governors, is planning to retain Hawks CEO Steve Koonin and keep him in charge of the organization’s day-to-day business.
Levenson was forced to sell the team after a racially insensitive memo sent to the Hawks’ staff surfaced last year. The Hawks have had a historic season, winning 60 games and earning the No. 1 seed in the Eastern Conference playoffs. Hawks coach Mike Budenholzer was voted the NBA Coach of the Year. New ownership is expected to prioritize a new contract for Budenholzer.
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