The Thrashers aren’t the only team that the Atlanta Spirit ownership group is discussing selling.
The Spirit, in the process of negotiating a deal that would send the hockey team to Winnipeg, also is in talks about a possible separate sale of the basketball Hawks, who would remain in Atlanta.
Two people familiar with the situation, both of whom asked not to be identified because of the ongoing talks, told The Atlanta Journal-Constitution that the Spirit and outgoing San Diego Padres owner John Moores are in an exclusive negotiating period regarding the Hawks and the Philips Arena operating rights. Both people said a deal is not close and that it’s far from assured one will get done.
The exclusive negotiating period means the owners agreed not to pursue the sale of the Hawks to any other prospective purchaser for a prescribed period of time. It is not known when Moores’ exclusivity expires.
Moores did not respond to a request for comment Tuesday.
Meanwhile, negotiations continued on a possible sale of the Thrashers to True North Sports and Entertainment, a Canadian group that would relocate the team to Winnipeg. True North does not have an exclusivity agreement, meaning the Spirit remains free to entertain offers to keep the Thrashers in Atlanta.
As of late Tuesday afternoon, Thrashers president Don Waddell said no such offers had been received.
“My job is to continue to actively pursue buyers,” Waddell said. “At this time, there are no further developments.”
Moores is not believed to be involved in sales talks regarding the Thrashers.
Having provided exclusive negotiating rights on the Hawks, the Spirit apparently is not in position — at least for now — to package the basketball and hockey teams to a single buyer. While refusing to publicly discuss specific potential purchasers, the Spirit repeatedly has said that no buyer has demonstrated serious interest and the requisite financial ability to make a deal for both franchises together.
It is not a surprise that the Spirit is discussing a possible Hawks sale, the owners having made it known they are seeking buyers or investors for both of their teams. The Spirit several months ago expressed a “sense of urgency” to sell the Thrashers because of the team’s heavy financial losses. The Hawks are not as big a money-loser, in part because of the NBA’s national TV revenue.
If the Hawks are sold, some of the current owners likely would retain minority stakes in the franchise.
Moores, who made his fortune in the computer-software business, bought the Padres in 1994. He sold the baseball team in 2009 to a group led by former player agent and Arizona Diamondbacks part-owner Jeff Moorad.
The sale was a complex transaction that allowed Moorad’s group to assume control of the Padres on an installment plan over as many as five years. Until the purchase is completed, Moores remains the Padres’ chairman, while Moorad serves as chief executive.
Moorad’s group has taken control of 49 percent of the Padres and still owes Moores approximately $145 million that is due by 2014, according to a recent San Diego Union-Tribune article.
Moores, 66, grew up in Texas and founded BMC Software there. He has an Atlanta connection: From 2005-09, he served as chairman of the board of trustees of The Carter Center.
Unlike the Thrashers, the Hawks are in no danger of leaving Atlanta. The agreement with the city and Fulton County on the bonds that funded the construction of Philips Arena stipulates that the Hawks “have agreed to play all of [their] regular season and playoff NBA home games” in the arena “for as long as the [bonds] are outstanding.” There is not a similar stipulation regarding the Thrashers. The bonds are scheduled to be paid off in 2028.
While the Thrashers have qualified for the NHL playoffs only once in their 11-season history, the Hawks have reached the second round of the NBA playoffs each of the past three seasons. The Hawks had the NBA’s seventh highest payroll this season, about $71 million.
-- Staff writer Chris Vivlamore contributed to this article.
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