If you want to buy an NBA team, an opportunity is developing. Unfortunately, though, it could cost more than expected, and you can blame Donald Sterling for that. Ever since the Los Angeles Clippers sold for billions instead of millions, the value of almost every franchise probably flew up. Anyway, here’s the Atlanta Journal-Constitution reporting that the Hawks are for sale:
The Hawks are for sale – as in 100 percent of the franchise.
According to person familiar with the situation, agreements have been reached between all three ownership groups to sell their complete stakes in the team. Those agreements have been approved by the NBA.
The team will be officially on the market next week, according to a league source. The investment banking firm Goldman Sachs and Inner Circle Sports has been retained to handle the sale process. The firm can now begin the process of gathering and vetting prospective buyers. Estimations are the franchise could be sold for upwards of $600 million dollars.
The Washington-based group, led by controlling owner Bruce Levenson, announced in September that it would sell its 50.1 stake following the discovery of a racially inflammatory email that rocked the franchise. An independent investigation discovered an e-mail Levenson wrote in 2012 that included racist remarks about the fan base and game operations. Levenson’s partners Ed Peskowitz and Todd Foreman are also stakeholders in the original group known as the Atlanta Spirit.
