New Hawks Ownership Expected To Be Approved By End Of Next Month

The NBA's approval process for the prospective Hawks ownership group is "moving along appropriately" and is "expected to be completed within the next four to six weeks," according to a source cited by Tim Tucker of the ATLANTA JOURNAL-CONSTITUTION. The new owners, led by Ares Management co-Founder Tony Ressler, "could be in charge of the Hawks by the end of June." The group last month reached an agreement to "buy the Hawks and the Philips Arena operating rights" for about $730M. The deal is "contingent on approval by the NBA, which will vet all aspects of the transaction before submitting it" to the NBA BOG for a vote. NBA rules "prohibit the prospective owners from commenting publicly on the matter until the transaction is approved." An NBA spokeperson said the approval process "is in progress" ( ATLANTA JOURNAL-CONSTITUTION, 5/19 ).