Mark Rachesky, a former protege of Carl Icahn and the chairman of Lions Gate Entertainment, wants to buy the Atlanta Hawks, according to a report from ESPN’s Marc Stein.
Stein’s report said that Rachesky’s interest in the team was piqued by John Malone, the controlling owner of the Atlanta Braves.
Malone is a member of Lions Gate’s board and controls media conglomerate Liberty Media.
Stein also reported that Goldman Sachs and Inner Circle Sports, who have been hired by the Hawk’s outgoing ownership group to screen potential buyers, will meet with interested groups in the next two weeks.
In 2014, Forbes valued the Hawks at $US425 million, but Stein notes that this figure came out before Steve Ballmer’s eye-popping $US2 billion purchase of the Los Angeles Clippers. The Hawks currently boast the best record in the NBA.
Back in 2009, Business Insider profiled Rachesky, who runs MHR Fund Management and worked for Icahn for six years before setting out on his own in the mid-90s.
According to MHR’s latest 13F filed with the SEC, the fund’s investments include stakes in Key Energy, Navistar, Titan International, Loral Space & Communications, as well as its largest position in Lions Gate.
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