The Hawks have officially announced the sale of the team to co-founder of Ares Managament, Tony Ressler.
“We are honored and thrilled to have been chosen to become the new stewards of the Hawks,” said Ressler in the Hawks’ press release. “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.”
The sale will including operating rights to Philips Arena. The terms of the sale were not released, but Yahoo!’s Adrian Wojnarowski — who broke the news of the sale being in the finalizing stages earlier today — reported earlier in the day that the sale would be for between $700 million and $900 million.
The ownership groups includes former NBA All-Star and NBA TV anchor Grant Hill and co-founder of Spanx, Sara Blakely and her husband Jess Itzler. The sale still must be approved by the NBA Board of Governors.