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AOL to sell Hawks, Thrashers
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Old 15 Sep 2003, 08:22 PM   #1 (permalink)
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Default AOL to sell Hawks, Thrashers

McDavid not part of group buying Hawks, Thrashers

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Associated Press


ATLANTA -- AOL Time Warner has agreed to sell the Atlanta Hawks, the Atlanta Thrashers and operating rights to Philips Arena to an investment group that doesn't include Texas businessman David McDavid, who had been negotiating a deal since April.

The Atlanta Journal-Constitution reported that sources said the investment group includes Boston businessman Steve Belkin, who previously pursued an NBA expansion team in Charlotte, and several Atlanta businessmen including Michael Gearon Sr. and Michael Gearon Jr., and attorney Rutherford Seydel.

AOL Time Warner would not say who made up the investment group, saying only that it includes "local partners."

The deal is to be announced Tuesday.

"We have reached a binding agreement for the sale of the Atlanta Hawks and Atlanta Thrashers franchises and operating rights to Philips Arena to an investment group, including local partners, which will be introduced to the press at an event tomorrow," said a statement released Monday evening by Turner Sports spokesman Greg Hughes.

"We continue to have the highest professional regard for David McDavid and the McDavid Group, with whom we worked in good faith for the past several months," the statement said. "We are confident that the deal we will announce tomorrow is best for our company, for the teams and arena, for the city and for the fans."

AOL's Turner Broadcasting division, which runs the teams, entered exclusive talks in April with McDavid to buy the NBA's Hawks and the NHL's Thrashers, along with operating rights to the arena. The negotiations stretched longer than expected and most recently were complicated by a provision in the Philips Arena bond sale, which uses the Hawks as a form of collateral.

AOL Time Warner wants to sell the three teams to pay down its $25.8 billion in debt.
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How the hell is AOL $25.8 billion in debt!?
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Old 16 Sep 2003, 08:01 PM   #2 (permalink)
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I dont think they are that much in debt, ,I think that means they have that much in costs.

Isnt that like how much the united states is in debt?
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