RALEIGH -- There are three entities currently in discussions to purchase the Thrashers, according to team president Don Waddell.
Waddell said Wednesday he is dealing directly with the entities -- two groups and one individual -- who have expressed an interest in a possible purchase of only the Thrashers from the Atlanta Spirit and in keeping the team in the city. Two of the entities are from Atlanta.
“Each group is doing their due diligence,” Waddell said.
Waddell said it is early in the process and none of the entities are close to signing a letter of intent for exclusive negotiating rights. Once that document is signed between the two parties, granting exclusive negotiating rights, a deal is more likely. It took nearly a year for the Atlanta Spirit to complete the purchase of the Thrashers, Hawks and Philips Arena from Time Warner in 2004 after a letter of intent was signed.
However, Waddell said he is encouraged by his dealings and the future of the franchise in the city as two of the entities have stepped forward in the past 30 days.
Two other groups also have expressed interest in purchasing the Thrashers, Hawks and Philips Arena from the Atlanta Spirit. One had meetings with officials from the NBA and the NHL. Despite their interest, Waddell said he has no direct dealings with a group interested in purchasing all three properties.
At least five non-disclosure agreements, the first step in a purchase, have been procured by the Raine Group, a New York-based banking firm hired by the Atlanta Spirit to seek a buyer or additional investors for all or part of the three properties.
Last month, Atlanta Spirit co-owner Michael Gearon Jr. told The Atlanta Journal-Constitution there was a sense of urgency to find a buyer, or additional investors, to keep the Thrashers in Atlanta. The franchise has lost $130 million the past five years, court documents show.
