NBA: Atlanta Hawks franchise bought by Tony Ressler, transaction valued at $850m

"The Atlanta Hawks today announced that a definitive agreement has been signed for the purchase of the NBA franchise by an ownership group led by Tony Ressler, co-founder of Ares Management," said the NBA franchise the Atlanta Hawks (Georgia, USA) on 22/04/2015. Grant Hill, a former NBA player, is part of the group of investors who will take control of the franchise, which until now belonged to the Atlanta Spirit Group, a holding company of which Bruce Levenson and Michael Gearon are majority shareholders.

The amount of the transaction was not disclosed by the parties, but it is estimated at $850m (€788m on 23/04/2015) by several US media outlets. The value of the Atlanta Hawks was estimated at $825m by the US business magazine Forbes on 21/01/2015.

• Tony Ressler is the co-founder of Ares Management, a US investment fund specialising in negotiable loans, private equity, direct lending and real estate activities.
• Tony Ressler's fortune is estimated at $1.48bn (€1.37bn), making him the 1,250^th richest man in the world.
• Before being formalised, the sale of the Atlanta Hawks must be…