Sale of Hawks in Jeopardy

LakerLegend · Post #1 » by **LakerLegend** » Wed Oct 26, 2011 11:02 pm

Over concern of funds, according to Marc Stein's Twitter, he says link up shortly.

MaceCase · Post #2 » by **MaceCase** » Thu Oct 27, 2011 1:28 am

We were always tentative about the deal especially when news that the past owners were financing most of it came out. No worries for Meruelo though, perhaps in a few years he can go from running a small pizza chain to running for president.

Ah, here's the link.
http://espn.go.com/nba/story/_/id/71534 ... ources-say

Post #3 » by **HMFFL** » Thu Oct 27, 2011 1:51 am

Not good at all. I knew it was serious when it was reported that the 76ers had been approved and not us. I guess we'll see what occurs, but we need a solid ownership, and not one that's just going to get by.

Hawks sale hits major snag with NBA

The proposed sale of the Atlanta Hawks to Los Angeles businessman Alex Meruelo has hit a significant snag in the NBA approval process, according to people familiar with the situation.

It is not clear at this point whether the deal will get completed.

Although Meruelo signed what he called a "definitive" agreement in early August to buy a majority stake in the Hawks from current owners Atlanta Spirit Group, the deal was contingent on the approval of the NBA Board of Governors. As part of the approval process, the league routinely seeks financial assurances that a buyer can fund a team's ongoing operations.

Meruelo declined to be interviewed Wednesday but, in a statement provided to The Atlanta Journal-Constitution, said he has the financial ability to operate the Hawks and intends to complete the purchase.

"I have more than ample resources to purchase and operate the Hawks in a first-class manner," Meruelo's statement said. "I am committed to the purchase of the Atlanta Hawks. http://www.ajc.com/sports/atlanta-hawks ... 10802.html

LakerLegend · Post #4 » by **LakerLegend** » Thu Oct 27, 2011 8:47 pm

Thought this guy was a billionare?

Geaux_Hawks · Post #5 » by **Geaux_Hawks** » Thu Oct 27, 2011 9:03 pm

Lakerfan17 wrote:Thought this guy was a billionare?

No, just a millionaire. 8-)

MaceCase · Post #6 » by **MaceCase** » Thu Oct 27, 2011 10:42 pm

Lakerfan17 wrote:Thought this guy was a billionare?

We've been speculating on his net worth but there has been nothing outside of a rumor started somewhere that he had that kind of scratch. The fact he doesn't appear on Forbes' is what made us wary of such claims and all his other purchases such as that casino have been small change as compared to owning and running a NBA team.

Superiorblogman · Post #7 » by **Superiorblogman** » Fri Oct 28, 2011 4:47 am

I want the team sold but we don't need another owner that wants to cry medium to small market when it is really him not having the funds to compete with the big boys.Stay out the kitchen if you can't take the heat, don't expect for everyone else to control the temperature.