The Grant Hill and Junior Bridgeman-led group that had interest in buying the Atlanta Hawks has dropped out of the bidding process for the franchise.

Two frontrunners to buy the Hawks have emerged, according to the two people: a group led by Steve Kaplan, founder of Oaktree investment firm and a group led by Lions Gate Entertainment chairman Mark Rachesky, who is also the head of multi-billion dollar investment firm MHR Fund Management.

The owners of the Hawks bought the franchise in 2004 for just more than $200 million and could sell for close to $1 billion.