Atlanta Hawks Ownership Group Says It Doesn't Want To Sell Team, Despite Selling Team

The Atlanta Hawks were sold to businessman Alex Meruelo in August; that sale was later terminated by the Atlanta Spirit Group, the Hawks' current owners, amid rumors that Meruelo did not have the assets necessary to make the sale happen. As such, it makes tons of sense that ASG is now spinning a yarn of commitment to the Hawks, and claiming it does not want to sell the team.

Michael Gearon, Jr. one of ASG's seven partners, told reporters on Friday that ASG was not looking to sell, saying "If somebody offers you something, you never know, but that's not my goal." Gearon also cited financial reasons as part of the Hawks' decision to not re-sign Jamal Crawford, said that the Hawks would be open to adding payroll to put them over the top,, and explained that the Hawks will receive revenue assistance under the NBA's new collective bargaining agreement.

Basically, the Hawks' ownership group is fully committed to the Hawks, and fully willing to contradict itself at any moment. Enjoy the season, Hawks fans!

For more on the Hawks, head to Peachtree Hoops.

NBA Comments On Atlanta Hawks Sale Termination: 'We Respect The Decision'

The NBA issued a statement in regards to the Atlanta Hawks ownership situation after the mutual agreement between the Atlanta Spirit Group and Alex Meruelo to terminate his agreement to buy the Hawks. 

"We respect the decision of the parties and are looking forward to watching the continued growth and success that the Hawks have enjoyed, on the court, in the community, and with respect to attendance, sponsorship and television ratings."

Nothing earth shattering in the statement as it was the NBA's Board of Governors that wouldn't approve Meruelo as the new majority owner of the Atlanta Hawks. The hang up reportedly had to do with the league seeking out additional funding that Meruelo had not contemplated in his original deal according to the AJC's Tim Tucker. 

A 75 percent vote by the NBA Board of Governors is required to approve the sell of a team but it only goes to a vote after an advisory finance committee signs off on the deal. Meruelo's deal to buy the Hawks never made it to a vote of the Board of Governors. 

For more on the Atlanta Hawks ownership situation, be sure to check out Peachtree Hoops. 

Hawks Sale Termination Confirmed By Atlanta Spirit Group

Moments after the Atlanta Journal-Constitution reported the sale of the Atlanta Hawks to California businessman Alex Meruelo won't happen after all, Atlanta Spirit Group entity Bruce Levenson confirmed the news:

"The Atlanta Hawks are no longer for sale," he added. "We're excited to remain as owners of the Hawks and are committed to building on our string of four straight playoff appearances." 

So there you have it. Whenever the NBA lockout ends, the Hawks will be a money-making property of the Atlanta Spirit Group again. We know the ASG wants to leave Atlanta sports after unloading the Thrashers and attempting to sell the Hawks, but they'll have to find a way to win back an audience unimpressed by the exact same kind of playoff appearance year-in, year-out.

Meruelo will be remembered for giving a press conference and then disappearing. We sincerely appreciate his efforts in attempting to change Atlanta pro basketball.

For more on the Hawks, head to Hawks blog Peachtree Hoops. For more NBA, visit SB Nation's NBA news hub.

Atlanta Hawks Sale: Alex Meruelo Deal Terminated, According To Report

Days after Marc Stein reported the sale of the Atlanta Hawks to California businessman was in serious jeopardy, the Atlanta Journal-Constitution is reporting the deal is in fact off. The AJC cites a mutual agreement between Meruelo and the Atlanta Spirit Group, which means ASG will retain control of the franchise moving forward.

Approval of the sale by the NBA had dragged on for quite some time, even as the sale of the 76ers was approved. Meruelo's finances came into question shortly after the sale was announced and again once concerns started to be raised.

For Hawks fans, this means at least one more year of ASG ownership, which is not a good thing, but almost certainly won't lead to the NBA taking control of the Hawks or the team relocating. 

Neither the team nor Meruelo has made the news official yet.

We'll miss you, fellow fan of dessert.

For more on the Hawks, head to Hawks blog Peachtree Hoops.

Could Alex Meruelo's Finances Force The NBA To Take Over The Atlanta Hawks?

Atlanta Hawks Sale: No Alex Meruelo Deal Would Mean Another Year Of The Atlanta Spirit

Atlanta Hawks Sale Update: Alex Meruelo's Finances Reportedly Now In Question

When Los Angeles business Alex Meruelo had reached an agreement to purchase the Atlanta Hawks franchise and become the majority owner, fans of the Hawks envisioned the franchise turning around in a similar fashion of a Mark Cuban, Jerry Jones or even hometown hero Arthur Blank.

Unfortunately for Meruelo, who was set to be the first Latino owner in the NBA, the question has arisen if Meruelo indeed has the sufficient funds to purchase a majority stake in the Atlanta Hawks, according to a report by ESPN's Marc Stein. The NBA declined comment when asked about Meruelo and the Hawks' situation on Wednesday.

Meruelo released a statement on Wednesday stating the following:

"I have more than ample resources to purchase and operate the Hawks in a first-class manner. I am committed to the purchase of the Atlanta Hawks. While I can't comment on the details of the approval process, I have and will do everything I can to bring the process to a positive conclusion."

 It was initially thought that the sale of the Hawks was slowed due to the ongoing labor negotiations between the players and the owners. However, issues with Meruelo's deal was mentioned Tuesday as the Board of Governors gathered in New York City to speak on revenue-sharing options.

While it was mentioned that the Hawks' sale had stalled, it did not prevent the league from announcing the approval of the sale of the Philadelphia 76ers from from Comcast-Spectacor to be purchased by Joshua Harris, a private-equity billionaire.

Atlanta Hawks Sale Yet To Be Approved By NBA

Since the announcement of the Atlanta Hawks' sale from the Atlanta Spirit Group to Los Angeles businessman Alex Meruelo, the NBA's Board of Governors has officially approved a just-completed sale of the Philadelphia 76ers, yet the Hawks' future has seemed to have stalled.

Neither the Spirit Group nor Meruelo is speaking about what's held up the approval process, but using the Spirit Group's initial acquisition of the Hawks and defunct Atlanta Thrashers from Time Warner seven years ago as an example, the AJC speculates that it's an issue of money:

While Meruelo and Atlanta Spirit decline to comment on the sale approval process, citing NBA rules, the Spirit’s 2004 purchase of the Hawks and Thrashers from Time Warner provides a case study of the complications than can ensnare such deals, particularly when money-losing franchises are involved.

As a condition of approval in 2004, the NBA and NHL required several Spirit partners to put up tens of millions of dollars in personal financial guarantees to ensure liquidity to guard against potential future team losses. The buyers eventually satisfied the requirement, but doing so forced a complex reworking of the deal.

Because of the still-pending sale, the Hawks are being officially represented by the Spirit Group at all league meetings pertaining to the Lockout.

New Hawks Owner Alex Meruelo Locked Out From Answering Real Questions

It seems like every time new Hawks owner-to-be Alex Meruelo tries to answer a question, he gets locked out from giving a straight answer.

The new potential owner of the Hawks talked to the AJC's Michael Cunningham about the purchase of his newest toy -- an NBA basketball team. And it seemed like Meruelo, who may or may not be the the future majority owner of the lone major tenant left at Philips Arena got no closer to answering a question that Hawks fans might actually care about before the invisible hand of David Stern Meruelo's advisers cut the casino, television, construction and real estate titan off at the pass.

"We have people that run the [basketball] operations of the Hawks," Meruelo told Cunningham. "What I am hoping to do is ..."

And just like that, Meruelo's "people" silenced the Atlanta owner, reminding him that what he was going to do was a "prohibited subject," leaving Hawks fans to wait -- likely until that silly NBA lockout thing is over -- about Meruelo's philosophy.

What we do know is that Meruelo is a "very hands-on" guy in his other business arrangements.

And this was one heck of a "business arrangement."

It's rumored that Meruelo may have gotten close to no real money down and more like assumption of debt deal to potentially liberate the city from the scourge that is the Atlanta Spirit -- the least honest ownership group in North American professional sports.* The aforementioned Spirit -- who was crying poverty when they dumped the Atlanta Thrashers to Winnipeg now was so flush with cash that they could arrange owner financing for 40-percent of the $300 million "enterprise value" deal for the Hawks.

While the sale is expected to close with a vote of the NBA's Board of Governors at some point during the summer of NBA lockout discontent, Hawks fans probably still won't have a clue as to their new majority owner's basketball philosophy.

Meruelo may be able to make personnel decisions on GM Rick Sund and coach Larry Drew after the deal closes.. But don't expect much of a comment about what Meruelo wants to do about adding players or even salary. The last thing the new Hawks owner wants is to invoke the ire of Stern, who would welcome him to the league with a nice hefty fine.

Alex Meruelo's Hawks Purchase Partially Financed By Atlanta Spirit LLC, According To Report

Alex Meruelo's purchase of the Atlanta Hawks made waves earlier this week when he became the first Hispanic owner in the NBA. It seems that the purchase might be kept in the headlines for awhile longer, though, according to a Forbes report.

Meruelo's group purchased the Hawksfor an estimated $300 million, but Forbes' Mike Ozanian cites first-hand knowledge saying that Atlanta Spirit LLC will finance nearly 40 percent of the deal for the next five years. Ozanian says that the confusion around the exact amount Meruelo's group paid for the Hawks can probably be directly attributed to the terms of the financing.

Unfortunately, the article from Forbes paints a grim picture for Meruelo's future with the Hawks as he notes that "seller financing is unusual in sports and typically involves poorly capitalized teams" while using the Los Angeles Dodgers -- currently in a new financing mess -- and the Tampa Bay Lightning as two other teams that went this route in recent history.

With the problems regarding financing professional sports teams, specifically when said financing comes from the previous owners, Ozanian says that the sale is "no sure thing" to be approved by the league's owners.

In summary, this could get messy.

For more Hawks, head to Peachtree Hoops.

Alex Meruelo Paid $300M, Not $400M, For Atlanta Hawks, According To Report

How much did California tycoon Alex Meruelo pay for the Atlanta Hawks? It's complicated. According to a report by NBA.com's David Aldridge, Meruelo paid about $300 million plus picked up a sizable piece of debt, which according to other reports could be as much as $120 million. That's $420 million, friends.

But according to a report by the Atlanta Journal-Constitution's Tim Tucker, which cites sports business consultant Marc Ganis, that $300 million figure "represents the 'enterprise value' that includes Meruelo assuming 'virtually all' of the debt on the team and the arena."

The franchise was valued at $295 million by Forbes, a figure that doesn't include Philips Arena's operating rights, which Meruelo also acquired. If he was basically able to pick up the venue rights for free without that debt number pushing the sale price very far beyond the club's valuation, he might be better at this stuff than we'd realized, even though his share in the Hawks is only about 80 percent for the time being.

Also, the Atlanta Spirit Group wouldn't really be able to earn praises for turning a $100 million profit if an arena and various debts made up part of the sale price. Wonder if they might have broken even.

Of course, reports conflict. There's still the possibility the sale price actually was almost a half-billion. Which, again, remember a modern, profitable arena was involved in the transaction.

For more Hawks, head to Peachtree Hoops.

Alex Meruelo Paid $300 Million-Plus For Atlanta Hawks, According To Report

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.

Hawks Owner Alex Meruelo's Love Of Desserts Prompts Twitter Hashtag Party

Alex Meruelo Press Conference: He Loves Dessert (And The Hawks)

New Atlanta Hawks owner Alex Murelo was unveiled at a Monday afternoon press conference at Philips Arena. He answered questions for about 15 minutes before bowing and thanking the assembled media for introducing him. The theme of his message: earning Atlanta's respect.

Meruelo didn't appear entirely comfortable, but he's new at this. At one point he exhaled and laughed when promised "an easy question." With a red Hawks hat on his head and a face that appeared sweaty, the new owner touted the success the team has enjoyed for the past four years, but insisted he's committed to spending "as much time as is needed" to build a championship team in Atlanta.

There was lots of culinary laughter! When asked whether he'd bring his restaurant chains to Atlanta, he laughed. He also laughed when asked to share a secret that his many background checkers have yet to turn up. He answered with, "I love dessert."

Hey, I love dessert too! Who hates dessert? Go Hawks.

He wasn't able to talk about anything of much substance, due to the ongoing NBA lockout, but dessert is really awesome.

On retaining Atlanta Spirit Group members as minority owners, he said they would remain a part of the franchise for some time. He described his primary plan for Philips Arena as adding a NBA championship banner. He also reiterated that he was never interested in the Thrashers, saying he has "one priority, and that's basketball."

One reporter asked Meruelo whether his New York or Los Angeles backgrounds make him a Lakers or Knicks fan. He repeated his earlier statement that he's "1,000 percent" a Hawks fan.

It wasn't perfect, but it seems like he cares about what he's getting into. Cut him a break, y'all. For a long time Hawks owners have been able to take turns answering questions. Or just duck questions entirely. Or openly plead with reporters for someone to buy their NHL team. It's a start, and we're off and running straight into the lockout.

Now let's go get some dessert.

For more Hawks, head to Peachtree Hoops.

Atlanta Hawks Announce Sale To Alex Meruelo In Statement

And there you have it. Consider the deal official, now that the Atlanta Hawks have sent out the following statement, dated August 8, on the reported deal to sell the team to Alex Meruelo. It hits all the right notes and officially makes the Hawks the NBA's current most-interesting team for perhaps the first time since ... ...

...

... Here's the statement:

The Meruelo Group, led by founder Alex Meruelo, and Atlanta Spirit LLC have reached an agreement on the sale of a majority ownership stake in the National Basketball Association's Atlanta Hawks and the Philips Arena operating rights, it was announced today. Completion of the sale is subject to approval by the NBA Board of Governors and terms of the agreement were not disclosed.

"I am a lifelong basketball fan, a student of the NBA game, and this is a dream come true for me," stated Alex Meruelo, founder and chief executive officer of the Meruelo Group. "I am committed to winning and look forward to engaging with our wonderful fans, our dedicated season ticket holders, our committed corporate partners and this passionate community. I believe that both the Hawks and Philips Arena have unlimited potential for the future. I am honored to be a part of that future" 

With roots dating to 1986, the Meruelo Group is a diversified holding and management company owned and controlled by prominent U.S. Hispanic business executive Alex Meruelo. The Meruelo Group has diverse holdings in banking and financial services, restaurants and food services, construction and engineering, real estate, hotel/casino operations and private equity. For more information please visit www.meruelogroup.com.

The Atlanta Hawks will remain a long-term tenant of Philips Arena and Alex Meruelo will serve as the Hawks' Governor to the NBA.

For more Hawks, head to Peachtree Hoops.

Alex Meruelo, New Atlanta Hawks Owner, Knows How To Buy Low And Sell High

The Atlanta Hawks enter a new era on Monday with the likely announcement that Cuban-American Alex Meruelo is purchasing a majority stake in the team, casting aside the dysfunctional Atlanta Spirit. But what kind of changes will Meruelo bring to a Hawks team on the cusp of greatness?

Atlanta Hawks Move Even Less Likely After Factoring NBA Relocation Fee

Alex Meruelo Buying Hawks, Team Sends Message To Fans

Sunday afternoon, the Atlanta Hawks acknowledged the multiple reports of California businessman Alex Meruelo becoming the first primary owner of the team since Ted Turner, with Atlanta Hawks and Philips Arena president Bob Williams posting a letter on the team's website.

Here's the letter, which was addressed to Hawks fans:

Today it was reported that our current owners, Atlanta Spirit LLC, signed an agreement to sell a majority ownership stake in the Atlanta Hawks and Philips Arena operating rights to The Meruelo Group. Completion of the sale is subject to approval by the NBA Board of Governors, which is expected to occur later this year.

Our ultimate goal has always been and will continue to be bringing championship basketball and world class entertainment to Philips Arena and the city of Atlanta. We value and appreciate your support, and look forward to sharing many more unforgettable moments with you, our fans.

It's hard not to get your hopes up, but one would be wise to remember pretty much all the same stuff was said when the Seattle Sonics were sold. I'm convinced Meruelo doesn't plan on moving the team, but I'm just saying.

Still, how could it possibly be worse than watching the Atlanta Spirit Group sue itself over the NBA's most-overpaid player who isn't Rashard Lewis?

Atlanta Hawks Fans React To Alex Meruelo, Team's New Owner

Californian Alex Meruelo Says He Doesn't Want To Move Hawks

There's an easy conspiracy theory narrative in a Los Angeles businessman buying the Atlanta Hawks shortly after another NBA ownership group attempted to move its club to Anaheim. Especially once you remember the current Hawks owners just shipped another pro team out of town.

But Alex Meruelo is pretty emphatic about having no desire to move the team out of Atlanta, telling Tim Tucker, "Absolutely no," when asked whether he'd consider relocation. Take his word if you want, but haven't owners moved teams after saying things like that before?

Contrary to one popular rumor the Hawks can be moved, though it would cost such a grip one would have to be insane to attempt it. But let's look at the bigger picture for a sec.

David Stern, for all his flaws, would rather eat a sewer grate than follow Gary Bettman in abandoning the capital of the Southeastern United States. 

If you think the NBA is going to give up on a city that's proven to be a solid pro basketball market despite having a team that's failed to capture local (or national) attention for most of the past 20 years, you're out of your mind. This is a diverse city in a large media market that's home to a major NBA TV partner. The Hawks aren't the Braves or the Arthur Blank Falcons, but they're still embedded in the city, mostly thanks simply to the sport that they play.

Some of the same stuff was said about the Thrashers? There were plenty of reasons to believe hockey could catch on, but there were also reasons to believe it wouldn't. There's no need to wait for the NBA to catch on here. When the Hawks are at all compelling, they draw fans.

The idea of the Hawks relocating to Anaheim is so ridiculous I can't believe I just wrote more than two words about it.

New Hawks Owner Alex Meruelo: 'I Want To Bring A Championship To Atlanta'

Well, that was quick. Moments after the Associated Press reported California's Alex Meruelo as the new owner of the Atlanta Hawks, the Atlanta Journal-Constitution's Mark Bradley dropped a conversation with the man himself. 

In it we learn Meruelo is a former high school basketball player who worked his way up through the business world, starting by leasing a tuxedo rental shop. Take a look around the web and you'll see he followed that opportunity by opening a chain of Latin pizzerias, picking up real estate and getting into media. 

And look at that portfolio-- this guy has been successful at quite an array of ventures.

He tells Bradley he's a sports fan, but primarily a hoops guy, and "1,000 percent a fan of the Atlanta Hawks." As Bradley points out, the way Meruelo talks about his goals for a pro sports team in Atlanta certainly call to mind Arthur Blank more than they do Liberty Media or the Atlanta Spirit Group. Can't help but like to hear that.

He says he will be "in complete control of the team," with the ultimate goal of bringing a title to Atlanta.

The deal isn't official until the NBA approves, but so far you have to like what you're hearing.

For more Hawks, head to Peachtree Hoops.

Atlanta Hawks To Be Sold To Alex Meruelo, California Pizza Tycoon, According To Report

According to an Associated Press report, a "controlling interest" in the Atlanta Hawks and Phillips Arena will be sold to Alex Meruelo, founder and owner of California pizza chain La Pizza Loco. That is some crazy pizza! The deal will be announced Monday, according to the AP. 

The Hawks have reportedly been very close to a sale since shortly after the Atlanta Spirit Group unloaded the Atlanta Thrashers, and were believed to be in talks to sell the team even before unloading their hockey venture. 

I know absolutely nothing about Alex Meruelo, but would heartily welcome pretty much anybody over the ownership of Michael Gearon and company.

And no, the Hawks aren't moving to California. They're set to remain in Atlanta for a long time. Coupling the team with the arena helps ensure profitability, as the venue is one of the best in the country at attracting top concerts.

For complete coverage of the Hawks, please visit Peachtree Hoops.

Potential Atlanta Hawks Majority Owner 'Moving Fast' Through Process

At least one bidder is interested in purchasing the Atlanta Hawks and Philips Arena operating rights from the Atlanta Spirit Group, according to Chris Vivlamore and Tim Tucker of the Atlant Journal Constitution. Sources the paper consulted, who could not reveal the prospective buyer's name due to "confidentiality agreements," say the person who may buy the Hawks is examining financial records, and one source said the buyer is "moving fast."

Atlanta Spirit sold the NHL's Atlanta Thrashers last month; the Thrashers' buyers then moved the team to Winnipeg. Fortunately, the Hawks are unlikely to meet the same fate, as the NBA would not approve of one of its clubs leaving Atlanta. Plus, moving the Hawks comes with an additional $195 million in fees, the Journal Constitution says, for Philips Arena bonds and penalties for leaving Atlanta and Fulton County.

According to the Journal Constitution, the buyer is seeking majority control of the Hawks franchise, and that "current ownership would retain a significant minority share."

For complete coverage of the Hawks, please visit Peachtree Hoops.

Atlanta Hawks Sale Sounds Like A Job For Former Thrashers President Don Waddell

Don Waddell was so successful selling the Atlanta Thrashers to an investment group in Winnipeg. So, of course, Atlanta Spirit owner Bruce Levenson wanted Waddell to help close a deal to sell the Atlanta Hawks. (No, not even Waddell can will the Hawks to Saskatoon).

The former Thrashers GM-turned-President was on CBC radio earlier in the week and was asked about what he was up to now that the moving vans have come and gone from Philips Arena to take Atlanta's hockey team north of the border to Manitoba.

And in typical Waddell hearts the Spirit style, the longest tenured Thrashers employee is still hanging onto a job within the Spirit organization.

"I may have some opportunities to stay in the league," Waddell told HNIC radio on the CBC radio network. "I really enjoy the business side of the sport. And I think there's a big need for that. In the meantime, I'm still currently employed by our owners because we're trying to sell our basketball team and I've been in trying to assist that in the process."

Thrashers fans have been scratching their heads as to why Waddell still has a job with the Spirit. As the team's head architect, Waddell tallied zero playoff wins over the club's first 10 seasons. In what can only be described as a very George Costanza kind of way, Waddell was then promoted to team President, where his biggest accomplishment was getting the Thrashers moved on the quick to Winnipeg. Now he has his hands in the Hawks cookie jar (after claiming that he wasn't working on a Hawks deal through the Thrashers process).

Maybe this little excerpt explains why Waddell still has a job.

"What's important for me is working with good people and for good people," Waddell said. "Putting myself in a good situation. My boss Bruce Levenson is a wonderful person and treated me very well."

Now, we over here at SB Nation Atlanta have heard Bruce "deal with it" Levenson called a lot of things. A lot of those words used to describe one of the two bigwig owners in the Spirit are of the four-letter expletive kind.

But a wonderful person? Wow. That sure as heck takes the cake.

No wonder how Waddell remained employed all these years.

NBA.com's David Aldridge Also Says Atlanta Hawks Sale "Close"

Now there's a second reports from "league sources" saying that the Atlanta Hawks are close to being sold to a mysterious bidder.

NBA.com's David Aldridge reports that a "single, anonymous bidder" is looking to pay about $300 million for the Hawks and presumably the operating rights to Philips Arena and that the transaction is "close" to closing. However, as Aldridge points out, the deal will not be finalized in time for an approval vote by the Board of Governors at its meeting on Tuesday in the NBA championship city of Dallas.

Under the terms of the deal, much like a bad penny -- the Atlanta Spirit was expected to remain in a minority ownership capacity.

Aldridge and SI.com's stories fly in the face of what the Atlanta Spirit is telling us. Of course, the Atlanta Spirit has told us a lot of things about the Atlanta Thrashers sale process, many of which turned out to be less than truthful.

For whatever it's worth, the Spirit claims that there is no deal in place and that no one has entered into an exclusive negotiating period to buy the team, which generally happens during the traditional purchase process (unless you're moving a hockey team to Winnipeg).

The NBA.com report also states that the founders of Outback Steakhouse also put a bid on the team, but it was "unclear" how much they offered or if they were ever "seriously considered."

Could The Atlanta Hawks Move? No, And Here's Why

So the Atlanta Spirit may be looking to unload the Atlanta Hawks. Or at least, that's what those nefarious "league sources" at the NBA claim. The sale of the team is very close, Sports Illustrated says. But if you believe Bruce Levenson and the rest of the Atlanta Spirit, there is no sale to be had. 

(Yes, I know after the Atlanta Thrashers left town that taking a leap of faith on the Spirit is like taking a leap of faith that your five-week-old newborn will learn how to walk in a day or two.) 

In any event, Hawks fans -- those of you who are not boycotting the team for what the Spirit did to the Thrashers, that is -- will not have the same worries as Thrashers fans did.

There is a less-than-minuscule chance that the moving trucks head on over to Philips Arena and take the Hawks to a place like Winnipeg. You may just have to endure the Atlanta Spirit for a while.

Here's why.

Unlike the Thrashers, the Hawks are required to stay here under the terms of the Spirit's bond refinance agreement with the City of Atlanta and Fulton County Recreation Authority or AFCRA. For those who do not know what AFRCA is -- including NHL Commissioner Gary Bettman -- it's the quasi-private city/county entity that actually owns Philips Arena.

(Yes, Commissioner Bettman -- the city and the county own the arena here too, just like Glendale or an agency of Glendale owns the Jobing.com Arena where the Phoenix Coyotes play).

In the simplest of terms, when the Spirit refinanced the bonds so that they could borrow money from the NBA's credit facility over the winter, the Hawks were no longer collateral in case the Spirit could not make good their bond payments to Philips Arena.

However, under the terms of the new bond agreement, the Hawks cannot leave Philips Arena for at least seven years even if they pay off the bonds in their entirety. If the Hawks do leave, there's a $75 million "early termination penalty" that the Spirit or the new owners that want a team elsewhere would be socked with.

Now, there's a common misconception out there that the Hawks can't move until the bonds are paid off in 2028. That's simply not true.

Yes, the Hawks can not leave until they pay off the arena's bonds, or they'll have to pay that pesky little penalty.

But the Spirit could theoretically pay off the remaining $123.5 million in bonds off tomorrow and the Hawks could leave, but they cannot leave until the 2018-19 season at earliest without also forking over another $75 million in addition to the $123.5 million or so left remaining on the bonds.

But to an allegedly cash-strapped ownership group like the Spirit, which claims to have sold the Thrashers because they were in dire financial straights, good luck coming up with $200 million in additional capital to make that happen.

There are also probably about zero potential NBA cities that are willing to overpay by $200 million or even $75 million for that matter to move the Hawks out of town, either. (Keep in mind that the NBA may want a relocation fee, too, just like the $60 million fee that the NHL exacted from Winnipeg).

Add to that a tiny little detail that the NBA is not exactly the NHL. They are a legitimate Big 3 U.S sports league that has big-money TV contracts, one of which just happens to be with Atlanta-based TNT (technically Time Warner, TNT's parent company).

NBA.com and NBA TV are are also based in Atlanta and the city has a basketball heritage with the Hawks dating back to the 1960s.

Unlike Bettman, who apparently did not care about hockey leaving the United States' eighth largest television market, his NBA counterpart David Stern absolutely cares about abandoning a city where NBA viewership is higher than most -- even if they are not all watching the Hawks in the transient city of Atlanta and refuse to patronize a Spirit-owned Hawks team.

The bottom line is that Atlanta's basketball team is not going anywhere anytime soon. Hopefully, the same cannot be said for the Atlanta Spirit, who have already been shown to be unfit to run one professional sports franchise.

Here's to hoping that they don't run the Hawks completely into the ground as well and that the Spirit is gone sooner, rather than later.

For more Hawks, join Peachtree Hoops.

Atlanta Hawks Ownership Deny Sale Rumors Via Press Release

First the denials came from Atlanta Hawks owner Bruce Levenson via the AJC that the Sports Illustrated story from two sources in the NBA's office who said that a sale of the basketball team to an unidentified party was "about to be consummated."

Now the rest of the media gets a press release.

Unfortunately, Hawks and Atlanta Thrashers fans, any dreams that the Atlanta Spirit -- an ownership group that ranked 121st out of 121 for honesty in an ESPN poll as owners of the Thrashers and 101st as owners of the Hawks-- were getting out of Atlanta sport fans' hair in the immediate future seems is not going to come to immediate fruition.

The statement reads as follows:

"As we have stated for an extended period of time, we engaged an investment banker to assist us in looking for investors for the Atlanta Hawks and Philips Arena operating rights.  We have spoken with a number of parties, but at this time, there is no deal in place, nor is there an exclusive negotiating agreement in place.  We will have no further comment at this time."    

Sorry folks, that Atlanta Spirit/Hawks nightmare continues possibly even through the NBA lockout and beyond. That is, if the Spirit is smart enough to buy low and sell high. Then again it is the "deal with it" Atlanta Spirit we're talking about here.

Atlanta Hawks Not About To Be Sold, According To Bruce Levenson

Well, that was fun while it lasted. After Sports Illustrated reported that the Atlanta Hawks were about to be sold, Atlanta Spirit Group member Bruce Levenson has told the Atlanta Journal-Constitution's Tim Tucker that the report is "not true" and that the ASG will comment soon.

This isn't the first time the Hawks have been reportedly up for sale -- it happened at least twice during the Atlanta Thrashers sale epic alone. The ASG has looked to bring on investors, just as Arthur Blank has incorporated multiple minority owners into the Atlanta Falcons fold, but for now it does appear Hawks fans are stuck with current ownership.

And whatever you can say about the Spirit Group, you can't say they didn't very clearly broadcast their intent to sell the Thrashers before actually doing so. Keep your ears tuned, though. 

Atlanta Hawks Sale In The Works, According To Report

Now that the Atlanta Spirit Group has shipped the Atlanta Thrashers off to Winnipeg, what about the Hawks? According to Sports Illustrated's Ian Thomson, they could be sold as well -- but don't expect the team to move. Atlanta's NBA franchise is tied here through at least 2028.

A rumor or two regarding the sale of the team had popped up during the Thrashers sale, but most of those were construed as headfakes by the ASG. The Hawks were commonly believed to be valued around $240 millionthroughout that saga.

According to SI:

One of the sources confirmed that the sale is about to be consummated, but declined to identify the buyer.

Let's just hope it's not these guys again. Or this guy.

This has led some in the SB Nation newsroom to speculate -- nay, conclude -- that Gucci Mane is about to buy the Hawks, but that's probably not true. A sale of the team by the ASG may not be met with flash riots of joy outside Philips Arena, but that's only because it's so gotdamn hot outside right now.