Forbes last valued the Atlanta Hawks just shy of $300 million, but that's without accounting for arena debt left over from the Atlanta Spirit Group. NBA.com's David Aldridge reports Alex Meruelo paid more than $300 million for the team and that the ASG will hang on to a 20 to 25 percent stake in the team.
According to some calculations, that debt figure could bring the sale price near or in excess of $400 million, but that sounds kind of outrageous to me. Let's just say Meruelo really, really wanted to own a NBA team located in Atlanta, Georgia.
He's said he had been trying to buy the Hawks for quite a while and was momentarily interrupted when the ASG pulled what appeared to be a stunt by announcing an exclusive bargaining arrangement with a former San Diego Padres owner. Atlanta, you might not know what to make of your newest team owner, but let's face it: the man really wants to be here.
And that's worth something.
For more Hawks, head to Peachtree Hoops.