Atlanta Hawks Sale: Latest Updates and Rumors on Owner Search
As part of the ongoing process to find a new primary owner, the Atlanta Hawks have retained the services of Goldman Sachs and Inner Circle Sports to help facilitate the sale, per a report from Chris Vivlamore of the Atlanta Journal-Constitution.
Current majority shareholder Bruce Levenson agreed to sell his 24 percent share of the franchise after an offensive email denigrating African-Americans surfaced. Levenson self-reported the email after it was uncovered as part of an internal investigation following racially-charged comments from general manager Danny Ferry about forward Luol Deng.
Ferry has since taken an indefinite leave of absence. Head coach Mike Budenholzer is currently in charge of the Hawks' basketball operations. While NBA commissioner Adam Silver released a statement condemning Levenson's comments, he has kept the league out of the sales process because of the ownership group's cooperation.
"As Mr. Levenson acknowledged, the views he expressed are entirely unacceptable and are in stark contrast to the core principles of the National Basketball Association," commissioner Adam Silver said then in a statement. "He shared with me how truly remorseful he is for using those hurtful words and how apologetic he is to the entire NBA family—fans, players, team employees, business partners and fellow team owners—for having diverted attention away from our game."
In April, Commissioner Silver banned former Clippers owner Donald Sterling for life after a recording of disparaging remarks aimed at African-Americans, specifically Lakers great Magic Johnson, were leaked. The Clippers were later sold to Microsoft magnate Steve Ballmer for an NBA-record $2 billion.
Forbes estimated the Hawks' value at $425 million in January, which came before the NBA's new lucrative television deal and the sales of the Clippers and Bucks franchises. The $575 million price tag paid for the Bucks is probably the bare minimum Atlanta could expect for a full-stake sale.
It's unclear at this time what percentage of the franchise will hit the market. Though Levenson holds only 24 percent himself—the Hawks are owned by a conglomerate known at the Atlanta Spirit, which has numerous stockholders with various share levels—he is allowed to sell up to 60 percent of the team under his ownership agreement, per Vivlamore.
Former All-Star forward Chris Webber formally announced his group's intention to bid on the franchise last week. Vivlamore notes that former Hawks great Dominique Wilkins and All-Star center Dikembe Mutombo have also expressed interest.
Per Scott Soshnick of Bloomberg.com, Commissioner Silver recently told reporters he expects a sale to be approved by the end of 2014 or the beginning of 2015 at the latest.
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