With his deal to purchase two Atlanta professional sports teams finalized, the only remaining hurdle between auto baron David McDavid of Fort Worth and ownership of the NHL's Thrashers and NBA's Hawks is approval of the respective leagues.

An Atlanta-based source confirmed Friday that McDavid's purchase of the teams and the operating rights to Philips Arena from AOL Time Warner is complete. The Board of Governors of the NHL and NBA are expected to stamp their official approval on the transaction via conference-call votes within 30 days. Reached at his Irving office, McDavid refused comment "until everything is signed and sealed."

But the source acknowledged that the dotting of i's, crossing of t's is merely a formality. McDavid, who made his fortune with a chain of successful auto dealerships throughout Texas, is paying approximately $390 million for the three Atlanta entities. AOL will reportedly keep 15 percent ownership in the teams and McDavid's sons Jimmy and David Jr., and brother-in-law Steve Dieb will also be minority owners.

Upon official approval by the leagues, McDavid will begin the task of building perennial losers into winners. Both the Thrashers and Hawks finished 11th out of 15 teams in their respective Eastern Conferences last season. McDavid, whose first love is cutting horses, followed closely by basketball, will likely take a more detailed interest in the Hawks.

Dieb will move to Atlanta (McDavid plans to stay in Fort Worth) and run the day-to-day operations, but McDavid will have final say on all major transactions, deciding first on a coach for the Hawks. McDavid will also likely begin channeling his energy more toward his sports teams than his auto dealerships.