Antony Ressler to buy Hawks for $850M

Entrepreneur Antony Ressler has agreed to buy the Atlanta Hawks for a sale price of approximately $850 million, sources confirmed Wednesday.

The sale will be financed by cash and assumption of some debt, sources said.

Hawks CEO Steve Koonin and coach Mike Budenholzer will be part of the long-term plans of the new ownership group.

Ressler, an owner of the private equity and investment firm Ares and a real estate developer, was one of three finalists in the Los Angeles Clippers' sale last spring. The group's bid of $1.2 billion fell short of the $2 billion purchase price submitted by Steve Ballmer.