10:00 pm October 26, 2011, by Michael Cunningham
The AJC’s Tim Tucker reports that ASG’’s sale of the Hawks to Alex Meruelo has hit a”’significant snag” and it’s not clear if the transaction will be completed.
According to ESPN.com’s Marc Stein, the league and ASG are not convinced Meruelo has the cash for the purchase. Meruelo agreed to pay about $300 million for an 80-percent stake in the Hawks and the operating rights to Philips Arena.
Meruelo, in a statement to Tucker, said he still intends to purchase the Hawks and has the money to do so: “I have more than ample resources to purchase and operate the Hawks in a first class manner. I am committed to the purchase of the Atlanta Hawks. While I can’t comment on the details of the approval process, I have [done] and will do everything I can to bring the process to a positive conclusion.”
Meruelo’s purchase of the team was announced on Aug. 7 and is subject to league approval. The NBA last week approved a sale of the 76ers but did not act on the pending Hawks sale.
Michael Cunningham, Hawks beat
Coverage of Atlanta’s NBA franchise from AJC Hawks beat writer Chris Vivlamore
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