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Closing Bell

Reports: Group Led By Tony Ressler Set To Purchase Hawks

The sale of the Hawks to a group led by Ares Management co-Founder Tony Ressler will include debt tied to Philips Arena, pushing the enterprise value of the franchise to about $850M, a source said. The team has about $107M in debt tied to the arena. A source said Ressler’s group includes former NBAer Grant Hill, Marquis Jet co-Founder Jesse Itzler and his wife, Spanx Founder Sara Blakely. Other major bidders included Grizzlies investor Steve Kaplan (Lombardo & Kaplan, Staff Writers).

YAHOO SPORTS placed the sales figure in the $750-900M range, citing sources. The new ownership group is "planning to retain" Hawks CEO Steve Koonin and "keep him in charge of the organization's day-to-day business" (SPORTS.YAHOO.com, 4/22).

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