Ressler’s group, which includes former NBA player Grant Hill and Jesse Itzler, the co-founder of Marquis Jet and BTIG co-founder Steven Starker, will buy the Hawks from Bruce Levenson, Michael Gearon Jr., and other investors for $850 million.
The agreement of the deal is expected to be announced by the end of the week.
Ressler wanted to buy the Los Angeles Clippers a year ago, but his group didn’t want to go as high as Steve Ballmer’s $2 billion offer.
Ressler, a minority owner of the Milwaukee Brewers moved quickly after the Junior Bridgeman-Grant Hill group fell out of the process. But Hill still wanted to be involved and joined Ressler’s group. Hill is expected to have just a small stake in ownership but he must own at least 1%, per a new rule NBA established by current owners.
Levenson announced he would sell his share of team in September – the fallout from the release of racially insensitive e-mails written by Levenson and made public following the racially insensitive comments Hawks general manager Danny Ferry made out Luol Deng during free agency discussions.
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