"Private equity billionaire Tony Ressler has won the bidding to purchase the Atlanta Hawks for a price of $730 million, reports Scott Soshnick of Bloomberg. Adrian Wojnarowski of Yahoo Sports first reported that Ressler was finalizing an agreement to buy the team.
Ressler leads a group that includes former NBA forward Grant Hill, according to Bloomberg. Bloomberg reported last week that Ressler, the co-founder of Ares Management LP, had entered the bidding. He and Hill previously unsuccessfully bid on the Los Angeles Clippers last year, according to Bloomberg. Steve Ballmer ended up purchasing the Clippers for a reported $2 billion.