ATLANTA (AP) The NBA approved the $250 million sale of the Atlanta Hawks and Thrashers on Friday, but the NHL must still sign off on the deal before the new ownership group can take over.
The NBA announced that its board of directors agreed to the sale to a nine-man group headed by Boston businessman Steve Belkin, who was rebuffed in his bid for an expansion franchise in Charlotte.
The sale, which also includes Philips Arena, has dragged on for nearly a year. Dallas auto dealer David McDavid began exclusive talks to buy the teams last April, but could never close the deal.
With McDavid still believing his offer would work out, Time Warner suddenly changed course. The media conglomerate announced its was selling the teams to a group headed by Belkin, founder and chairman of the Boston-based marketing and investing company Trans National Group.
The partnership _ known as Atlanta Spirit LLC _ includes Beau Turner, youngest son of former Hawks owner Ted Turner, and Turner's son-in-law, attorney Rutherford Seydel.
Ted Turner owned the Hawks and baseball's Atlanta Braves, but lost control of the teams through a series of corporate mergers. The Thrashers joined the NHL as an expansion team in 1999.
Time Warner decided to unload the Hawks and Thrashers to help relieve some of its massive debt. The company has backed off in its efforts to sell the Braves.
Turner Broadcasting, a Time Warner subsidiary, will retain 15 percent ownership of Atlanta Spirit, but will have no say in operations. The rest of the group is split into thirds.
One section is Atlanta-based and includes carpet company owner Bud Seretean, longtime Hawks executive Michael Gearon, his son, Michael Gearon Jr., Seydel and Beau Turner.
One third of the group is Washington-based and includes two former minority owners of the NHL's Washington's Capitals, Bruce Levenson and Ed Peskowitz, along with Todd Foreman.
Belkin owns a third by himself. He will concentrate on the Hawks, while the Washington-based group _ with its hockey experience _ and Seydel will work with the Thrashers.
Peskowitz will be primarily responsible for Philips Arena, both as a sports and concert venue.