NBA Rumors: Sale of Atlanta Hawks Almost a Wrap
NBA rumors surrounding the sale of the Atlanta Hawks is beginning to be move quickly.
There have been whispers about a potential sale for the franchise ever since the Atlanta Thrashers were sold last month. According to the Atlanta Journal Constitution, the Hawks sale is moving extremely fast:
People familiar with the process say representatives of a potential buyer are doing due diligence — examining financial records — as the process moves toward a possible offer and more detailed negotiations for the basketball team and Philips Arena operating rights.
The people familiar with the situation, speaking exclusively with The Atlanta Journal-Constitution, would not identify the potential bidder because of confidentiality agreements, but described the process as moving fast. They said no offer or exclusive negotiating agreement is in place but that the potential bidder, who might have partners, has the financial wherewithal to complete a transaction.
The sale of a majority stake in an NBA franchise is a complicated, multi-step process. The next tier is for the parties to reach an agreement on the guidelines of a deal and sign a letter of intent.
Then the buyer and seller typically would enter into a negotiating period which lasts anywhere from 30-to-90 days to iron out the logistics of the deal—which then will have to be approved by the NBA.
Under the deal currently in discussion, current ownership (Michael Gearon Jr. and Bruce Levenson) would retain a significant minority stake.
It's hard to understand what's so appealing about a franchise that has fair weather fans and a star player that is being paid like a super-star. Couple in a seemingly disinterested Josh Smith and the Hawks are a pretty average team in the grand scheme of the NBA.
So maybe this unidentified new ownership is ready to make some major changes in the way the Hawks are run. Does that mean adding payroll? Enhancing the fans experience? Getting rid of Joe Johnson's horrendous contract?
Stay tuned Hawks fans.
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