Belkin Bought Out by Hawks, JJ Deal is Done

Discussion in 'NBA General' started by Shapecity, Aug 19, 2005.

  1. Shapecity

    Shapecity S2/JBB Teamster Staff Member Administrator

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    <div class="quote_poster">Quote:</div><div class="quote_post">ATLANTA -- Steve Belkin agreed to sell his share of the Atlanta Hawks on Friday, allowing the team to complete a trade for Phoenix guard Joe Johnson and settling a dispute that brought the owners to court.

    The NBA said Belkin would leave as the team's governor and sell his share of Atlanta Spirit, the nine-man group that also owns the NHL's Thrashers and Philips Arena.

    The team called an afternoon news conference to announce the sign-and-trade deal for Johnson, who will become the club's highest-paid player with a five-year deal worth about $70 million. The Hawks will send guard Boris Diaw, two first-round picks and a $4.9 million trade exception to the Suns to complete the deal.

    Belkin's opposition to the trade -- and refusal to OK it even though the remaining owners approved -- left the Hawks in turmoil.

    The other owners wanted to remove Belkin from his role as governor. Belkin went to court in Massachusetts to stop them. Finally, NBA commissioner David Stern ruled the Atlanta- and Washington-based owners, who control 70 percent of Atlanta Spirit, could remove Belkin, who holds 30 percent.

    The split led to negotiations and Belkin agreed to sell his share to the other owners for an undisclosed sum. The deal is expected to be completed by the end of the year.

    Atlanta Spirit paid $250 million last year to buy the Hawks, Thrashers and Philips Arena from Time Warner, which sold the teams to reduce heavy debt.

    Stern said it became clear "philosophical differences" prevented the Hawks from trying to build a winning team.

    "I appreciate that Steve has voluntarily resigned as NBA governor in order to ensure that the team can move forward with one voice," he said. "I certainly hope that he will consider returning to the NBA as an owner of another franchise in the near future."


    Michael Gearon Jr., one of the Atlanta-based owners, will replace Belkin as NBA governor.</div>

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  2. Miami Flash City

    Miami Flash City JBB All Day

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    Finnaly the JJ deal is done, Hawks getting Joe Johnson improves them alot IMO.
     
  3. Bahir

    Bahir User power factor: ∞

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    What was the condition for the two picks?
     
  4. Shapecity

    Shapecity S2/JBB Teamster Staff Member Administrator

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    <div class="quote_poster">Quoting Bahir:</div><div class="quote_post">What was the condition for the two picks?</div>

    Phoenix gets the Hawks' first-round pick, which is lottery-protected in 2006, has protection through the No. 3 pick in 2007 and has no protection in 2008. The other pick is a conditional first-round selection via either the Los Angeles Lakers or Boston Celtics.
     
  5. lessthanjake

    lessthanjake JBB JustBBall Member

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    WOOHOO! we got JJ! maybe now we'll actually win like 20 games now!
     

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