Atlanta Spirit Financially Sound After Strong Operational Year
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Gearon Says Combined Annual Loses
For Hawks, Thrashers About $10-20M |
Atlanta Spirit co-Owner Michael Gearon Jr. said that the group "remains financially sound and committed to fielding winning products at Philips Arena," according to J. Scott Trubey of the ATLANTA BUSINESS CHRONICLE. Gearon said that the Hawks and Thrashers, "on opposite ends of the winning spectrum" for the '08-09 NBA and NHL seasons, collectively had "one of their best seasons operationally since the Atlanta Spirit Group purchased them" in '03. Gearon: "The (financial) losses have come down substantially from where they were when we bought the teams (while fielding) a better product." Gearon noted that the combined annual losses for the Hawks and Thrashers "have been in the [$10-20M] range," and while "still in the red collectively, the teams are in better shape than many in professional sports." Gearon: "Both teams are unencumbered. They have zero (bank) debt." Atlanta Spirit Senior VP/Broadcast & Corporate Partnerships Tracy White said that the Hawks this season ranked 20th in the NBA in attendance, averaging 16,751 fans per game, up 3% over last year. Gearon added that the Hawks are "third in the NBA for new season-ticket purchases and renewals have been solid." Meanwhile, Trubey notes Atlanta Spirit's lawsuit with estranged co-Owner Steve Belkin "should be decided in a Maryland federal court this summer," and Gearon said of reports that they group is looking for new investors, "We're always doing that and that's just smart business" (ATLANTA BUSINESS CHRONICLE, 5/29 issue).
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