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Prospective Hawks Owner Impresses Atlanta Media At First Press Conference

Alex Meruelo yesterday was introduced as the new prospective majority owner of the Hawks and Philips Arena, and he said previous owner Atlanta Spirit would retain a minority interest "for a period of time," according to Michael Cunningham of the ATLANTA CONSTITUTION. SportsCorp President Marc Ganis said that Meruelo “paid about $300 million for an 80-percent stake” in the Hawks and arena rights. Ganis said the $300M represents the “enterprise value” that includes Meruelo assuming "virtually all" of the debt on the team and the arena. Atlanta Spirit bought the Hawks and arena operating rights from Time Warner for about $200M in ’04, and the team “has reported steady operating losses since.” Meruelo said that in addition to winning, he "would have to earn the ‘respect and loyalty’ of fans.” He said, “That will translate to people wanting to be part of the Hawks and have more excitement and support." Meruelo said that he has “been interested in buying an NBA team for years.” Ganis said, “He's not a neophyte. He's done a lot of homework, more than a lot of owners who get into this” (ATLANTA CONSTITUTION, 8/9).

FIRST IMPRESSION: FOXSPORTSSOUTH.com’s John Manasso wrote Meruelo “won a modest first victory" at yesterday's press conference. Meruelo “came across as nervous,” but he “admitted as much, and, as a result, came across as likable and humble.” However, there “wasn't much he could say” due to the ongoing NBA lockout. Hawks TV announcer Bob Rathbun “informed the gathered media before Meruelo took questions that Meruelo could not be asked about the team, the players, staff or the details of the sale agreement.” Meruelo: “I would say I'm a very hands-on individual and I'm very tied in to every business I've been involved with. I will do no different here." Manasso noted in some ways, Meruelo “sounded very much like the restaurant owner who knows the core of his business is customer service.” Meruelo's story “is right out of the American Dream” (FOXSPORTSSOUTH.com, 8/8). In Atlanta, Mark Bradley noted Meruelo in his public introduction used the word "respect" four times. Bradley: “Sometimes a guy buys a team and figures the fans come with it. Alex Meruelo seems to grasp that the job only begins when the sale closes.” Bradley added, “This jaded Hawks-watcher has to admit: I like what I’ve heard. I’d say the new man has a real chance” (AJC.com, 8/8).

BUYERS MARKET? T’Wolves F Anthony Tolliver Sunday after hearing of the Hawks sale wrote on Twitter, “Why do people keep lining up to buy NBA franchises (ATL), if they are losing so much money? Hmmm things CONTINUE not to add up.” SPORTING NEWS’ Sean Deveney writes it is “hard to argue Tolliver’s logic,” as the sale of the Hawks is “the second to take place after the league’s lockout set in.” This “doesn’t quite jibe with the claim made by commissioner David Stern and the league’s owners, who say that 22 teams are losing money and they’re dropping something like $370 million per year.” Deveney: “The answer: It is, in fact, a great time to buy into this league. … There is no question that when the league gets back on the floor, owners will be in a position to make more money” (SPORTING NEWS TODAY, 8/9). ESPN’s Michael Wilbon said of the Hawks sale occurring during the lockout, "You can’t just continually cry gloom and doom and the sky is falling. ... I will say this: I think all of these new buyers ... have been sort of ‘promised’ -- big wink -- that they are going to come back to terms so favorable that even they will make money. Because you know some of these recent buyers, very recent buyers, they’re not happy with David Stern, that they’re not getting the investment that guys that bought in 20 years ago are getting” (“PTI,” ESPN, 8/8).

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