The NBA Board of Governors unanimously approved the sale of the Atlanta Hawks to an ownership group led by billionaire Tony Ressler.
Ressler, 55, is co-founder of two private equity firms and also is a minority owner of the Milwaukee Brewers. According to Forbes, he has a net worth of $1.43 billion.
“We are pleased that the NBA’s Board of Governors has approved the purchase of the Atlanta Hawks by principal owner Tony Ressler,” NBA commissioner Adam Silver said in a statement Wednesday. “Tony and his diverse and experienced ownership group will bring tremendous energy and passion to the Hawks and the team and its fans will greatly benefit from their commitment to the Atlanta community.”
Ressler’s ownership team in Atlanta includes Grant Hill, a seven-time All-Star who retired in 2013, and Marquis Jet co-founder of Jesse Itzler and his wife Sara Blakely, the founder of Spanxx.
The previous Atlanta ownership group, led by Michael Gearon Jr., also retains a percentage of the franchise. Gearon was part of a three-city ownership group led by Bruce Levenson, who announced the sale of his Washington group’s stake in September after he was called out for an email that was racially insensitive to the Hawks’ fan base.
The sales price was reportedly about $850 million, including $107 million in debt for Philips Arena.