A buyout of Danny Ferry’s contract with the Atlanta Hawks was reached and approved Friday morning by the team’s board of managers, according to two people with knowledge of the negotiations. It will end the tenure of the general manager after he spent the past season on an indefinite leave of absence.
An official announcement of the news will come in the next several days.
The move is the last of the ownership group known as the Atlanta Spirit, who are selling the Hawks and Philips Arena. A group led by Tony Ressler has reached agreement to buy the team, a transaction that will be finalized on Wednesday. The buyout of Ferry’s contract will be the responsibility of the old ownership group. Ferry had two years remaining on the six-year, $18 million contract he signed in 2012. The buyout calls for Ferry to receive more money than he was owed on the contract.
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