NBA: League approves sale of Hawks to billionaire Tony Ressler, Grant Hill

The NBA Board of Governors unanimously approved the sale of the Atlanta Hawks to an ownership group led by billionaire Tony Ressler and former NBA star Grant Hill.

"We are pleased that the NBA's Board of Governors has approved the purchase of the Atlanta Hawks by principal owner Tony Ressler," NBA Commissioner Adam Silver said in an official release by the league. "Tony and his diverse and experienced ownership group will bring tremendous energy and passion to the Hawks and the team and its fans will greatly benefit from their commitment to the Atlanta community."

The sale price was reportedly about $850 million, including $107 million in debt for Philips Arena. - Reuters