The Atlanta Spirit’s efforts to sell a majority stake in the Hawks “have accelerated since the group’s sale of the Thrashers last month,” according to Vivlamore & Tucker of the ATLANTA CONSTITUTION. Sources said that “representatives of a potential buyer are doing due diligence -- examining financial records -- as the process moves toward a possible offer and more detailed negotiations for the basketball team and Philips Arena operating rights.” The sources would not identify the potential bidder, but “described the process as moving fast.” They said that “no offer or exclusive negotiating agreement is in place but that the potential bidder, who might have partners, has the financial wherewithal to complete a transaction.” Under the deal being discussed, current ownership “would retain a significant minority stake” (ATLANTA CONSTITUTION, 7/21). In Atlanta, Jeff Schultz wrote there is “nothing good about the fact Atlanta has lost” the Thrashers and “nothing good about an NBA lockout.” But “here is one absolute positive that may come out of this summer: The Atlanta Spirit appears close to relative extinction.” The ownership group’s “exit or even minimizing would be addition by subtraction.” Schultz: “In short, the next person (or group) in charge could not possibly be worse. It’s too late to save the Thrashers. It’s not too late to give the Hawks some semblance of hope” (AJC.com, 7/20).
