Turner Broadcasting appeals McDavid verdict

Turner Broadcasting System is appealing its loss in a case where it was ordered to pay millions to a Texas businessman who said the Atlanta-media company cheated him out of buying Hawks, Thrashers and Philips Arena operating rights.

The appeal, filed Aug. 24 with the Georgia Court of Appeals, seeks to overturn a 2008 jury verdict that awarded David McDavid $281 million. McDavid signed a letter of intent to buy the professional teams and arena operating rights from Atlanta-based Turner in 2003. The letter, granting exclusive negotiating rights, expired, but the parties continued to talk. Turner announced in the fall of that year that it would sell the teams to an eight-man investor group known as the Atlanta Spirit.

McDavid then filed a $450 million breach-of-contract lawsuit against the company.