Prospective Hawks owners Tony Ressler, Jesse Itzler and Sara Blakely attended Game 5 of the Hawks-Nets playoff series Wednesday at Philips Arena. Ressler’s wife Jami Gertz was also in attendance.
The three politely declined comment per NBA rules as the sales process has not been completed.
The Hawks announced last week that the group led by Ressler had reached a definitive agreement to purchase the franchise and Philips Arena. In addition to Ressler, Itzler and Blakely, the prospective ownership group also includes Grant Hill, and Rick Schnall. The Atlanta Journal-Constitution has previously reported that current co-owner Michael Gearon Jr. will retain a small ownership percentage.
The sales process will take approximately 60 days to complete and the prospective ownership requires NBA Board of Governors approval.
“We are honored and thrilled to have been chosen to become the new stewards of the Hawks,” Ressler said in a statement released by the team last week. “We respect the NBA’s approval process and, accordingly, can say no more other than we are incredibly excited by the Hawks’ success and wish them luck in the playoffs.”
Ressler, 55, is a co-founder of two private equity firms, Apollo Global Management and Ares Management. He is also a minority owner of the Milwaukee Brewers. According to Forbes, he is worth approximately $1.43 billion dollars.
The sales process began in September when controlling owner Bruce Levenson announced his intention to sell his stake as part of a firestorm of controversy that engulfed the franchise.
The Washington-based group, led by Levenson, announced that it would sell its 50.1 percent stake following the discovery of a racially inflammatory email. 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.
Several months later, the remaining ownership groups agreed to sell their shares in the franchise. The Atlanta-based group of Michael Gearon Jr. and Sr., Rutherford Seydel and Beau Turner will sell their combined 32.3 percent of the franchise. In addition, the New York-based group, led by Steven Price, has agreed to sell its 17.6 percent stake.
