(Associated Press)
With the NHL's approval of the $250 million sale of the Atlanta Thrashers and Hawks on Monday, the new ownership expects to have final documents signed within two days to acquire the teams from Time Warner.
"It should be less than 48 hours," said Michael Gearon Jr., one of the Atlanta-based members of the new nine-man ownership group.
"When I say we're inches away, we're literally inches away," he added before Monday night's Hawks' home game against Memphis.
Gearon said he expects the actual signing process to take three hours, a reflection of the complexity of the acquisition of two franchises and Philips Arena, where the teams play their home games.
The new partnership, headed by Boston businessman Steve Belkin, is known as Atlanta Spirit LLC.
Belkin's group agreed to buy the teams and Philips Arena from Time Warner in September. The NBA gave its approval two weeks ago.
"We were pretty naive when we entered this process," Gearon said about the long wait for approval.
"I thought the biggest issue both leagues would have would be whether we had the financial liquidity to acquire the teams, and there were other issues that were specific to both leagues that were very complex," he said.
The sale process has dragged on for nearly a year. Dallas auto dealer David McDavid began exclusive talks to buy the teams last April, but could never close the deal.
With McDavid still believing his offer would work out, Time Warner suddenly changed course in mid-September. The media conglomerate announced it was selling the teams to a group headed by Belkin, founder and chairman of the Boston-based marketing and investing company Trans National Group.
The wait for approval put management decisions on hold for both teams.
"I can't say anything would have been done any differently this season," Gearon said. "I'm just thrilled we have the approval. I had goose bumps when I got word of the NBA approval."
The Thrashers have tentatively scheduled a press conference for Wednesday to discuss more details of the sale.
"We're ecstatic to receive NHL approval as the final step in the sale," said Atlanta attorney Rutherford Seydel, a member of the partnership and the son-in-law of former Hawks and Thrashers owner Ted Turner.
"Our formal closing is now imminent, and we can't wait to get started."
Atlanta Spirit LLC also includes Turner's youngest son, Beau Turner. Ted Turner owned the teams and baseball's Atlanta Braves but lost control through a series of corporate mergers. The Thrashers joined the NHL as an expansion team in 1999.
Belkin and Larry Bird headed a group that made a bid for an expansion team in Charlotte. In December 2002, the NBA picked Black Entertainment Television founder Robert Johnson to get the North Carolina team, which will begin play next season.
Time Warner decided to unload the Hawks and Thrashers to help relieve some of its massive debt. The company has backed off in its efforts to sell the Braves.
Turner Broadcasting, a Time Warner subsidiary, will retain 15 percent ownership of Atlanta Spirit, but will have no say in operations. The rest of the group is split into thirds.
One section is Atlanta-based and includes carpet company owner Bud Seretean, longtime Hawks executive Michael Gearon, his son, Gearon Jr., Seydel and Beau Turner.
A third of the group is Washington-based and includes two former minority owners of the NHL's Washington's Capitals, Bruce Levenson and Ed Peskowitz, along with Todd Foreman.
Belkin owns a third by himself. He will concentrate on the Hawks, while the Washington-based group -- with its hockey experience -- and Seydel will work with the Thrashers.
Peskowitz will be primarily responsible for Philips Arena, both as a sports and concert venue.
With the NHL's approval of the $250 million sale of the Atlanta Thrashers and Hawks on Monday, the new ownership expects to have final documents signed within two days to acquire the teams from Time Warner.
"It should be less than 48 hours," said Michael Gearon Jr., one of the Atlanta-based members of the new nine-man ownership group.
"When I say we're inches away, we're literally inches away," he added before Monday night's Hawks' home game against Memphis.
Gearon said he expects the actual signing process to take three hours, a reflection of the complexity of the acquisition of two franchises and Philips Arena, where the teams play their home games.
The new partnership, headed by Boston businessman Steve Belkin, is known as Atlanta Spirit LLC.
Belkin's group agreed to buy the teams and Philips Arena from Time Warner in September. The NBA gave its approval two weeks ago.
"We were pretty naive when we entered this process," Gearon said about the long wait for approval.
"I thought the biggest issue both leagues would have would be whether we had the financial liquidity to acquire the teams, and there were other issues that were specific to both leagues that were very complex," he said.
The sale process has dragged on for nearly a year. Dallas auto dealer David McDavid began exclusive talks to buy the teams last April, but could never close the deal.
With McDavid still believing his offer would work out, Time Warner suddenly changed course in mid-September. The media conglomerate announced it was selling the teams to a group headed by Belkin, founder and chairman of the Boston-based marketing and investing company Trans National Group.
The wait for approval put management decisions on hold for both teams.
"I can't say anything would have been done any differently this season," Gearon said. "I'm just thrilled we have the approval. I had goose bumps when I got word of the NBA approval."
The Thrashers have tentatively scheduled a press conference for Wednesday to discuss more details of the sale.
"We're ecstatic to receive NHL approval as the final step in the sale," said Atlanta attorney Rutherford Seydel, a member of the partnership and the son-in-law of former Hawks and Thrashers owner Ted Turner.
"Our formal closing is now imminent, and we can't wait to get started."
Atlanta Spirit LLC also includes Turner's youngest son, Beau Turner. Ted Turner owned the teams and baseball's Atlanta Braves but lost control through a series of corporate mergers. The Thrashers joined the NHL as an expansion team in 1999.
Belkin and Larry Bird headed a group that made a bid for an expansion team in Charlotte. In December 2002, the NBA picked Black Entertainment Television founder Robert Johnson to get the North Carolina team, which will begin play next season.
Time Warner decided to unload the Hawks and Thrashers to help relieve some of its massive debt. The company has backed off in its efforts to sell the Braves.
Turner Broadcasting, a Time Warner subsidiary, will retain 15 percent ownership of Atlanta Spirit, but will have no say in operations. The rest of the group is split into thirds.
One section is Atlanta-based and includes carpet company owner Bud Seretean, longtime Hawks executive Michael Gearon, his son, Gearon Jr., Seydel and Beau Turner.
A third of the group is Washington-based and includes two former minority owners of the NHL's Washington's Capitals, Bruce Levenson and Ed Peskowitz, along with Todd Foreman.
Belkin owns a third by himself. He will concentrate on the Hawks, while the Washington-based group -- with its hockey experience -- and Seydel will work with the Thrashers.
Peskowitz will be primarily responsible for Philips Arena, both as a sports and concert venue.
