Atlanta Spirit Group's history

Sports

Atlanta Spirit Group's history

A look at the Atlanta Hawks and Thrashes under the ownership of the Atlanta Spirit Group.

The Atlanta Spirit LLC formed in 2004 to purchase the NBA's Atlanta Hawks, the NHL's Atlanta Thrashers and Philips Arena from Time Warner's Turner Broadcasting System in a deal worth about $250 million. The group included several members who had ties to the Hawks and Atlanta billionaire Ted Turner.

In 2005, the Atlanta Hawks traded Boris Diaw and two future first-round picks to the Phoenix Suns in exchange for shooting guard Joe Johnson. The trade, rejected by partner Steve Belkin, triggered legal battle within the group.

Atlanta Hawks general manager Billy Knight (left) refuses to shake hands with Hawks partner Steve Belkin in August 2005 as a judge in Boston blocked the removal of the businessman as managing partner in the Atlanta Spirit Group. The other owners sought to buy Belkin's 30 percent stake, but Belkin claimed a contract signed by all the owners prevented other members of the ownership group from voting him out.

The original Atlanta Spirit Group included nine partners. Eight of the partners -- Steven Belkin (from left), J. Michael Gearon Jr., Ed Peskowitz, M.B 'Bud' Seretean, J. Michael Gearon Sr, Todd Foreman, Bruce Levenson and John Rutherford Seydel -- celebrate in 2003. Belkin (left) exited the partnership in 2005 amid several conflicts with the group. Bud Seretean (fourth from left) died in 2007.

Hawks co-owner Michael Gearon Jr. (left) talks with Billy Knight, director of basketball operations, on May 2, 2008, before Game 6 of the NBA Playoffs at Philips Arena. Five days later, the Hawks GM of five years stepped down, claiming he left the organization "in much better shape than it was in when I took over."

Through the years, the Thrashers saw various coaching changes but only had one general manager, until April 2010. Don Waddell was promoted to team president and Rick Dudley (above) was named GM, and the coaching staff dismissed, just days after being eliminated from playoff contention.

Atlanta Hawks owners Ed Peskowitz (from left) Michael Gearon, and Bruce Levenson attend game on Dec. 22, 2010, the day they settled their long-term lawsuit with fellow owner Steve Belkin. The move raised the three partners' control in the group and made Gearon and Levenson the Hawks' managing partners.

The Atlanta Spirit Group finalized the $110 million sale (which included a $60 million relocation fee) of the Atlanta Thrashers to True North Sports and Entertainment, a Canadian ownership group, that moved the NHL squad to Winnipeg. ASG claimed it lost $130 million since taking over the franchise in 2005 -- including $20 million in 2006-07 when the team made its only playoff appearance in 11 seasons.

Southern California millionaire Alex Meruelo ended his bid to purchase the Atlanta Hawks in November 2011. Meruelo had reached a reported $300-million agreement to buy a majority stake in the team and Philips Arena, but the deal fell apart after the NBA questioned financial considerations not included in the original agreement. Reports first surfaced last month that the deal might be in jeopardy. The Hawks were the third time Meruelo had sought to purchase a team.

Danny Ferry accepted the Atlanta Hawks' offer to become the club's new general manager and agreed to a six-year deal in June 2012. Ferry, an executive with the San Antonio Spurs, replaced Rick Sund, Atlanta's GM the past four seasons.

Hawks co-owner Bruce Levenson cited an “inappropriate and offensive” e-mail he sent two years ago in an abrupt announcement in September 2014 that he will sell his controlling interest in the team. “I have said repeatedly that the NBA should have zero tolerance for racism, and I strongly believe that to be true. That is why I voluntarily reported my inappropriate e-mail to the NBA."

1 / 11

The Atlanta Spirit LLC formed in 2004 to purchase the NBA's Atlanta Hawks, the NHL's Atlanta Thrashers and Philips Arena from Time Warner's Turner Broadcasting System in a deal worth about $250 million. The group included several members who had ties to the Hawks and Atlanta billionaire Ted Turner.

Today's Gallery Headlines

Dream-Valkyries battle for winner-take-all Game 7 in WNBA Finals

PHOTOS: Georgia defeats Florida in Atlanta

PHOTOS: Pregame scenes before Florida vs. Georgia in Atlanta

PHOTOS: Famous faces from the WNBA Finals Game 6 at State Farm Arena in Atlanta

More Galleries

PHOTOS: Efficient offense, late interception guide Falcons to 29-20 victory

PHOTOS: Dream drop Game 4 in failed comeback bid against Valkyries

PHOTOS: Atlanta Dream lead WNBA finals

PHOTOS: Falcons struggle early, fall short late in loss to Bears