Judge Throws Out Atlanta Spirit Deal To Buy Out Steve Belkin

Ruling Tosses Out Initial Purchase, Sale Agreement To Buy Out Belkin

The “feuding co-owners of the Hawks and Thrashers are still in business, after a Maryland judge scrapped a contract that outlined” how the teams' Atlanta Spirit ownership group could buy out estranged co-Owner Steve Belkin's 30% stake in the two franchises, according to Sekou Smith of the ATLANTA CONSTITUTION. The Maryland Court of Special Appeals yesterday overturned a lower court’s ruling as “too vague.” The ruling “tossed out the initial purchase and sale agreement to buy out Belkin and keeps him in the partnership as a minority owner.” The partners are now “placed back in precisely the same position” they were in before becoming “embroiled in a high-profile legal battle” in August ’05. Atlanta Spirit co-Owner Michael Gearon Jr. said in a statement, “We no longer have any obligation to buy out Belkin nor does Belkin have any right to purchase the Hawks and Thrashers.” Belkin "does have the right to appeal" the decision (ATLANTA CONSTITUTION, 8/18). In Atlanta, Mark Bradley wrote under the header, “The Atlanta Spirit Case: No Decision Is Bad News For Belkin.” Bradley: “The economy has gone so far south that even wealthy men have lost real money, and the idea of not having to put up more cash -- $145[M] plus interest -- to get rid of Belkin must seem mighty appealing to the seven other Spirit men right about now.” With Belkin “long since removed as the Spirit’s representative on the NBA’s board of governors, there’s no pressing call to sign divorce papers.” If Belkin “still wants out, he’ll have to take much less than” $145M plus interest (AJC.com, 8/17).