The Atlanta Hawks are ready to move on after a summer scared by the racially insensitive comments of former GM Danny Ferry and co-owner Bruce Levenson. According to the AJC, the Hawks’ three ownership groups have agreed to put 100 percent of the franchise up for sale. Even better, former Hawk Dikembe Mutombo is among the perspective buyers:
The Atlanta Hawks are for sale – as in 100 percent of the NBA franchise.
According to person familiar with the situation, agreements have been reached between all three ownership groups to sell their complete stakes in the team. Those agreements have been approved by the NBA.
The team will be officially on the market next week, according to a league source. The investment banking firm Goldman Sachs and Inner Circle Sports has been retained to handle the sale process. The firm can now begin the process of gathering and vetting prospective buyers. Estimations are the franchise could be sold for upwards of $600 million.
The Washington-based group, led by controlling owner Bruce Levenson, announced in September that it would sell its 50.1 stake following the discovery of a racially inflammatory email that rocked the franchise.
Agreements are also in place for the Atlanta-based group, Michael Gearon Jr. and Sr., Rutherford Seydel and Beau Turner, to sell its combined 32.3 percent of the franchise. In addition, the New York-based group, led by Steven Price, has agreed to sell its 17.6 percent stake.
Several people have expressed interest in being part of an ownership group soon after the controversy came to light. Former NBA players Dikembe Mutombo and Chris Webber and New York entertainment lawyer Doug Davis are known to have interest. Atlanta mayor Kasim Reed has said numerous parties have expressed interest.
