Atlanta Spirit co-owner Steve Belkin has until Thursday to pay $2 million or he risks losing his stake in the partnership, Montgomery County (Md.) Circuit Court documents say.
Belkin has agreed to post the money, his attorney said.
The eight-man group -- which owns the Hawks, Thrashers and Philips Arena operating rights -- have been fighting in court since 2005 over how much seven of the partners should pay Belkin to buy out his 30 percent stake in the group.
A judge ruled in August that the contract that outlined the buyout process was too ambiguous -- and that the Spirit should resume operations as it was before 2005.
To stay in the group as a minority owner, Belkin is required to pay his partners $25.8 million, according to court documents. That represents his 30 percent share of so-called capital or cash calls made during litigation.
Belkin filed his notice to appeal the judge's decision last fall. At the time, he also asked the judge to stay his decision pending the appeal.
The judge earlier this month asked Belkin to put up $2 million, which he must do by Thursday. This basically buys Belkin time; no action can be taken on the judge's order if Belkin pays the money.
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Hawks-Thrashers co-owner must pay $2 million by next week
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Hawks-Thrashers co-owner must pay $2 million by next week
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