The transaction, which includes operation of Philips Arena, requires the approval of the NBA Board of Governors. Terms of the sale were not released.
“We are honored and thrilled to have been chosen to become the new stewards of the Hawks,” said Ressler. “We respect the NBA’s approval process and, accordingly, can say no more other than we are incredibly excited by the Hawks’ success and wish them luck in the playoffs.”
“We are excited to welcome this new ownership group and are deeply gratified by its commitment to the Hawks and the Atlanta community,” said Hawks CEO Steve Koonin.