Antony Ressler, the chief executive of Century City private equity and debt firm Ares Management, has agreed to buy the National Basketball Association’s Atlanta Hawks for about $850 million, sources told ESPN.
Ressler, who owns part of pro baseball’s Milwaukee Brewers – and bid on the Los Angeles Clippers last year – led a group that also includes former NBA player Grant Hill and Spanx founder Sara Blakely. Both Ressler and Blakely are billionaires.
Ressler is not the first L.A.-area money man who’s agreed to buy Atlanta’s basketball team. Alex Meruelo of Downey conglomerate Meruelo Group had a deal in 2011 to take a majority stake in the team, but it fell through later that year over financial concerns.
The Hawks are the first pro basketball team to sell after last year’s record-breaking $2 billion purchase of the Clippers by former Microsoft Chief Executive Steve Ballmer.
A representative for Ares Management did not immediately return a request for comment.