The sale of the Hawks and Philips Arena to a group led by Ares Management Chair, co-Founder & CEO Tony Ressler "will be finalized on Wednesday," and an official announcement "will likely come the following day," according to Chris Vivlamore of the ATLANTA JOURNAL-CONSTITUTION. Ressler will be the "clear majority owner of the Hawks." He "will be joined in a new group" that includes former NBAer Grant Hill; Clayton Dubilier & Rice Partner Rick Schnall; and Spanx Founder Sara Blakely and her husband Marquis Jet co-Founder Jesse Itzler. Sources said that there will be "some former partners and investors included as well." Steven Price and Bob Goodman, who were part of the team’s N.Y.-based ownership group, "will retain a stake." Michael Gearon Jr., Michael Gearon Sr. and Rutherford Seydel, part of the Atlanta-based group, "will also retain a small percentage." The group "will likely include several others." Managing Partner Bruce Levenson and his DC partners Ed Peskowitz and Todd Foreman "will no longer be a part of the franchise" (ATLANTA JOURNAL-CONSTITUTION, 6/19).
END OF THE FERRY RIDE: YAHOO SPORTS' Adrian Wojnarowski cited sources as saying that the Hawks "plan to promote coach Mike Budenholzer to the franchise’s ultimate basketball decision-maker, clearing the path to part ways with exiled" GM Danny Ferry. Sources said that Budenholzer will become President & head coach, "partnering in the front office" with Assistant GM Wes Wilcox, who will become the Hawks’ GM (SPORTS.YAHOO.com, 6/18). ESPN.com's Kevin Arnovitz reported the Hawks' Board of Managers "will hold a conference call Friday morning to approve the terms of Ferry's buyout." League sources said that it will "include an amount greater than the balance of Ferry's current contract, which has three additional years remaining." The Hawks' current ownership group "will assume responsibility for the cost of the buyout." League sources said that potential buyers groups, including Ressler's, "were deeply impressed with Wilcox's hour-long presentation on the team's strategic plan moving forward," and the incoming ownership group also regards Budenholzer as "one of the franchise's top assets" (ESPN.com 6/18).
FRESH START: In Atlanta, Michael Cunningham writes it was "infighting among Hawks owners and Ferry’s inability to navigate those internal politics, not outside pressure, that led to his demise." While Ferry "has a good track record as GM, let’s not make him out to be" Heat President Pat Riley, even in the wake of the best season the Hawks ever had. The new Hawks owners "decided keeping Ferry would hurt their goal to make money" (ATLANTA JOURNAL-CONSTITUTION, 6/19). ESPN.com's Arnovitz asked why would the Hawks "screw with the good vibes and revisit that nightmare," which followed racially insensitive comments by Ferry in September, by keeping him on board? Ressler is "poised for one of the NBA's greatest honeymoons." He "gets to be the savior who rescues the franchise from decades of incompetent ownership." Arnovitz: "There was simply nobody, other than Ferry, who had the incentive to fight for his return." Outside the organization, there "were few advocating for Ferry beyond a select group of colleagues who grew up in the Spurs family" (ESPN.com, 6/18).
