The sale of the Hawks continues on a “deliberate, methodical process,” NBA Commissioner Adam Silver said Saturday night. Silver added that there are several prospective buyers.
“That has moved along the course that we expected,” Silver said during a news conference at the All-Star game. “There are several very interested parties who are looking at the team. It is on schedule.”
Silver gave no timetable to the completion of the sale. It is believed the process could take until April.
Controlling owner Bruce Levenson announced in September that he would sell his interest in the team following the revelation of racist comments he made in an email regarding, in part, the fan base and game operations.
The email was discovered as part of an internal investigation into racially insensitive comments made by general manager Danny Ferry about potential free agent Luol Deng during a conference call with ownership and management. Ferry remains on a leave of absence.
In the months following the Levenson announcement, all three ownership groups agreed to sell their entire shares in the franchise and Philips Arena.
Silver confirmed that the NBA recently changed its rules concerning team ownership. In a rule passed by the Board of Governors, ownership groups cannot be comprised of more than 25 individuals. Also, each individual must own at least 1 percent of the team. Silver said the approval of the rule change was a formality.
The Hawks are expected to be sold for at least $800 million and potentially as much as $1 billion. The Clippers sold this summer for $2 billion.
The financial sales book for the Hawks has been finished and can be examined by prospective buyers, who must sign non-disclosure agreements.
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