Report: Hawks sale to be finalized June 24

After a season-long search, the Atlanta Hawks found a buyer and struck a reported $850-million deal for the sale of their franchise back on April 22.

The sale - to a group known as the Atlanta Spirit, led by billionaire entrepreneur Tony Ressler - is still pending the approval of the NBA Board of Governors.

That approval will be granted and the sale made official on June 24, the day before the NBA draft, according to Chris Vivlamore of the Atlanta Journal-Constitution.

The new ownership group - which features former NBAer Grant Hill, among several other minority partners - will also assume control of the Hawks' home stadium, Phillips Arena.

Ressler will be the overwhelming majority stakeholder in both entities, Vivlamore reports. The 55-year-old, who has co-founded two private equity firms, is also a minority owner of Major League Baseball's Milwaukee Brewers.