NBA approves sale of Hawks and Thrashers, but NHL must sign off

<p>The NBA approved the $250 million sale of the Atlanta Hawks and Thrashers on Friday, but the NHL must still sign off on the deal before the new ownership group can take over.</p><p>The NBA announced that its board of directors agreed to the sale to a nine-man group headed by Boston businessman Steve Belkin, who was rebuffed in his bid for an expansion franchise in Charlotte.</p><p>The sale, which also includes Philips Arena, has dragged on for nearly a year. Dallas auto dealer David McDavid began exclusive talks to buy the teams last April, but could never close the deal.</p><p>With McDavid still believing his offer would work out, Time Warner suddenly changed course. The media conglomerate announced its was selling the teams to a group headed by Belkin, founder and chairman of the Boston-based marketing and investing company Trans National Group.</p><p>The partnership _ known as Atlanta Spirit LLC _ includes Beau Turner, youngest son of former Hawks owner Ted Turner, and Turner's son-in-law, attorney Rutherford Seydel.</p><p>Ted Turner owned the Hawks and baseball's Atlanta Braves, but lost control of the teams through a series of corporate mergers. The Thrashers joined the NHL as an expansion team in 1999.</p><p>Time Warner decided to unload the Hawks and Thrashers to help relieve some of its massive debt. The company has backed off in its efforts to sell the Braves.</p><p>Turner Broadcasting, a Time Warner subsidiary, will retain 15 percent ownership of Atlanta Spirit, but will have no say in operations. The rest of the group is split into thirds.</p><p>One section is Atlanta-based and includes carpet company owner Bud Seretean, longtime Hawks executive Michael Gearon, his son, Michael Gearon Jr., Seydel and Beau Turner.</p><p>One third of the group is Washington-based and includes two former minority owners of the NHL's Washington's Capitals, Bruce Levenson and Ed Peskowitz, along with Todd Foreman.</p><p>Belkin owns a third by himself. He will concentrate on the Hawks, while the Washington-based group _ with its hockey experience _ and Seydel will work with the Thrashers.</p><p>Peskowitz will be primarily responsible for Philips Arena, both as a sports and concert venue.</p>