Private equity billionaire Anthony “Tony” Ressler is purchasing NBA basketball team Atlanta Hawks for $US730 million, Bloomberg News reports.
According to Bloomberg, Ressler’s group will also take on approximately $US120 million in arena debt.
Forbes has previously valued the team at $US830 million on its NBA Team Valuation list. The team also ranks No. 22 on Forbes’ list.
The Hawks are currently the No. 2 ranked team in the league this season, with 60 wins and 22 losses.
Ressler, 53, is the founder of publicly-traded private equity firm, Ares Management.
Before cofounding Ares in 1997, Ressler cofounded private equity giant Apollo Management with his brother-in-law and fellow Drexel Burnham Lambert alum Leon Black.
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