Alex Meruelo Introduced As Hawks' Prospective New Owner

Alex Meruelo today was formally introduced as the Hawks' prospective owner, and a source said that the sale price is "in excess of $300 million." This "does not include the debt that Meruelo will assume from Atlanta Spirit," which will retain 20-25% of the team initially. He will "have the option of buying even more of the team from the group in the next few years." Meruelo is "already being lionized in Atlanta not because of who he is, but who he isn't." The reign of Atlanta Spirit was "fraught with internal bickering and uncertainty about exactly who was in charge" (NBA.com, 8/8).

Meruelo today "answered questions for about 15 minutes before bowing and thanking the assembled media." He "touted the success the team has enjoyed for the past four years, but insisted he's committed to spending 'as much time as is needed' to build a championship team" (SBNATION.com, 8/8).