Atlanta Hawks Bought By Group Led By Antony Ressler In US$850M Deal

Apr 23, 2015 02:38 AM EDT

(Photo : Reuters) Ares Management LP CEO and co-founder Tony Ressler (C) looks up as his company's stock begins to trade during IPO on the floor of the New York Stock Exchange May 2, 2014.

The National Basketball Association's (NBA) Atlanta Hawks have attracted considerable attention from their conference topping performance. So much so in fact that billionaire Antony Ressler has agreed to purchase the Hawks.

The Hawks announced the new deal last Wednesday, during the first half of their playoffs game against the Brooklyn Nets.

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While the price of the sale has not yet been released, sources near Ressler's group were reported to pay as much as US$850 million.

Sources also added that the deal will be done through cash and will give the new owners some debt accrued over the years as well as operating control of Philips Arena.

After the news broke, Ressler released a statement saying how he was honoured and thrilled to be chosen as the new steward for the Hawks team.

"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."

ESPN's Ramona Shelburne received information from a reliable source saying that Hawks CEO Steve Koonin and Head Coah Mike Budenholzer will be part of the long-term plan of the new ownership.

Prior to the game against the Nets, Budenholzer said in a news conference that he was aware of the sale about to happen. However, he added that he was mostly concentrated on basketball.

He said that there is nothing much else to do but prepare for the games and make sure the team is prepared and focused.

Ressler is owner of the private equity and investment firm Ares, and is also a real estate developer.

This was not the first time Ressler tried to get in the NBA mix though. Last year, he was one of the three finalists who were vying for the Los Angeles Clippers. However, his offer of US$1.2 billion was eclipsed by Steve Ballmer's US$2 billion offer.

Now though, Ressler and his group --- that include former NBA All-Star Grant Hill, Rick chnall, Spanx owner Sara Blakely and her husband Jesse Itzler --- have to focus on what is best for the Hawks moving forward.

TagsAnthony Ressler