clock menu more-arrow no yes mobile

Filed under:

Thrashers, Hawks Reportedly Subject Of $500 Million May 20 Local Offer

If you buy something from an SB Nation link, Vox Media may earn a commission. See our ethics statement.

USA Today's J. Michael Falgoust and Jake Kaplan report a group offered $500 million to buy the Atlanta Thrashers, Atlanta Hawks and Philips Arena on May 20. That was the day after the Globe and Mail reported the deal to send the Thrashers to Winnipeg was essentially done. It might be the offer USA Today's Kevin Allen was talking about here.

Can't find much on either part of the group that reportedly made the offer, which was composed of Oriana Capital Partners and Global Wellington Financial Corp. Especially since the report was sourced from the group itself, you shouldn't necessarily assume foul play here -- there's not much information out there on the former, and the latter's name is so similar to another I can't really tell which is which.

I also don't know how much Philips Arena's lease is worth, but I'd imagine that's a little too low to take over all three entities. Based on everything we'd heard the number for both teams was something like $350 million ... isn't an arena that can turn a profit off concerts and basketball games alone worth more than $150 million?

UPDATE: So, yep ...

Sorry #thrashers fans.. USA Today article about $500-million dollar bid for ASG is "Totally false" according to source.less than a minute ago via web Favorite Retweet Reply

Check back with SB Nation Atlanta's frequently updated Thrashers sale StoryStream for the latest updates. For discussion, join Bird Watchers Anonymous, SB Nation's Atlanta Thrashers community or Behind The Net, our Winnipeg NHL community. For more hockey, visit SB Nation's NHL hub.

Photographs by coka_koehler used in background montage under Creative Commons. Thank you.