Selling the Atlanta Hawks has been a long process for UCG chairperson Bruce Levenson. Two front-runners have revealed themselves as the potential owners for the franchise. This process to sell the Atlanta Hawks and the Philips Arena has went on for almost 7 months at that point.
The deadline for placing the final bids for ownership was April 10. One of the groups is headed by the owner of the Grizzlies, joined by Erick Thohir and Handy Poernomo. The former CEO of the Grizzlies has also joined the group. Another name associated with the group is Hank Aaron of the Braves.
The other group that is taking the lead is Mark Rachesky, who runs Lionsgate Entertainment, Steve Starker, a Banker of New York Investment, Hawks consulter, Jesse Itzler who attends a lot of the games played by the Atlanta Hawks. He has a spouse who is the founder of Spanx. Her name is Sara Blakely.
The group that is handling the sales process is Inner Circle Sports and Goldman Sachs. In Atlanta, they have held meetings after the Feb 24 bids. One group has dropped out of running for lacking a contract.
The process could have been drawn out until June. However, a final bid was made and the Hawks were sold for more than $700 million, according to Forbes. As a result, a large profit has been made of the team for Bruce Levenson. Also, the large price that they were able to sell for indicates that they are a strong team and that the NBA economy is going strong as well. Many are amazed at the amount of time that it has taken in order to take care of the business of selling the team. However, after the fact, they are under the new ownership that is sure to continue to support the team as they carry on their efforts.