6:05 am July 21, 2011, by Henry Unger
There’s interesting news on the sports business front today.
Efforts by the Atlanta Spirit ownership group to sell a majority stake in the Hawks have accelerated since the group’s sale of the Thrashers last month, AJC writers Chris Vivlamore and Tim Tucker report.
People familiar with the process say representatives of a potential buyer are doing due diligence — examining financial records — as the process moves toward a possible offer and more detailed negotiations for the basketball team and Philips Arena operating rights, the reporters write.
The people familiar with the situation would not identify the potential bidder because of confidentiality agreements, but described the process as moving fast, the reporters write. They said no offer or exclusive negotiating agreement is in place but that the potential bidder, who might have partners, has the financial wherewithal to complete a transaction.
The potential buyer has accountants and lawyers working extensively on the matter, the reporters write.
Also in the AJC:
In other media:
- Henry Unger, The Biz Beat
For instant updates, follow me on Twitter.
Get inside Atlanta's and national business news and how it affects you.
Vacation stops, manage subscriptions and more