Hawks could sell for over $1 billion

Non-binding preliminary bids were due Tuesday as the next step in the sale of the Atlanta Hawks and Philips Arena, according to a person familiar with the process.

Groups and individuals interested in the buying the Hawks and current ownership have signed non-disclosure agreements and cannot comment on the sale process.

The sales price for the Hawks and Philips Arena is expected to begin at $800 million and could exceed $1 billion. The sales process was believed to take until April to complete. However, one person familiar with the situation indicated it could now take until May or June.