Los Angeles businessman Alex Meruelo has reached an agreement to buy a majority ownership stake in the Atlanta Hawks.

An announcement will be made on Monday.

The deal is subject to the approval of the NBA Board of Governors, which could take several months.

Meruelo would become the first Hispanic owner of an NBA franchise.

Meruelo said he plans to spend a lot of time in Atlanta and to buy a home in the area.

"If you look at my previous ... business ventures, I'm very hands-on, and this will be no different," he said.

Meruelo was asked if there was any possibility of moving the Hawks out of Atlanta.

"Absolutely no. None."