http://www.nba.com/hawks/news/saleagreement_030916.html <div class="quote_poster">Quote:</div><div class="quote_post"> Turner Broadcasting System, Inc. (TBS, Inc.) and Atlanta Spirit LLC have signed a binding agreement for the transfer of ownership of the National Basketball Association Atlanta Hawks franchise, the National Hockey League Atlanta Thrashers franchise and operating rights to the Atlanta sports and entertainment venue Philips Arena, it was announced today by Philip I. Kent, chairman and CEO of TBS, Inc., and the principals of Atlanta Spirit. The sale is conditioned on the approval of TBS, Inc. parent company AOL Time Warner Inc.?s Board of Directors and the NBA and NHL Boards of Governors. TBS, Inc. will maintain a passive equity stake of 15 percent in the Atlanta Spirit venture that will own the teams and license programming rights to the TBS, Inc. entertainment networks. However, TBS, Inc. will have no going-forward financial or management responsibilities with respect to the teams or the arena operating company. It is expected that the ownership transfer will be completed this fall. </div> <font color="blue">Please do not post full articles, I've taken out a portion for you. Edited by thefranchise3</font> WoW!
