Former Atlanta Hawks owner Bruce Levenson has sold the team for a reported $850 million.
The NBA team was acquired by an ownership group led by Tony Ressler, co-founder of private equity firm Ares Management. The move came as Levenson was forced to sell the team after sending a racist email.
The Atlanta Hawks are now owned by Ressler, former NBA star Grant Hill, Clayton Dubilier & Rice partner Rick Schnall, Spanx founder Sara Blakely and Marquis Jet co-founder Jesse Itzler.
“We are honored and thrilled to have been chosen to become the new stewards of the Hawks,” said Ressler.
The move comes about 11 months after Steve Ballmer acquired the Los Angeles Clippers for $2 billion.
