Hawks to promote Budenholzer, part ways with Ferry

Danny Ferry will not be retained by the Atlanta Hawks as current ownership and Ferry work on a buyout agreement, and the Hawks plan to make coach Mike Budenholzer the president of basketball operations and promote assistant general manager Wes Wilcox to general manager, according with two people familiar with the situation.

The Hawks were sold for $850 million in April to a group led by Tony Ressler, and NBA owners are expected to approve the sale by June 24. New owners plan to meet with news reporters on June 25, the day of the NBA draft.

Ressler's group includes former NBA player Grant Hill, Spanx founder Sara Blakely, and her husband, Jesse Itzler, the co-founder of Marquis Jet, and Clayton, Dubilier and Rice partner Rick Schnall.