Elias Sports Bureau Posted September 15, 2003 Share Posted September 15, 2003 Struggling Company to Unload Hawks, Thrashers .c The Associated Press ATLANTA (Sept. 15) -- AOL Time Warner has agreed to sell the Atlanta Hawks, the Atlanta Thrashers and operating rights to Philips Arena to an investment group that doesn't include Texas businessman David McDavid, who had been negotiating a deal since April. AOL Time Warner would not divulge who made up the investment group, saying only it includes "local partners.'' The deal is to be announced Tuesday. "We have reached a binding agreement for the sale of the Atlanta Hawks and Atlanta Thrashers franchises and operating rights to Philips Arena to an investment group, including local partners, which will be introduced to the press at an event tomorrow,'' said a statement released Monday evening by Turner Sports spokesman Greg Hughes. "We continue to have the highest professional regard for David McDavid and the McDavid Group, with whom we worked in good faith for the past several months,'' the statement said. "We are confident that the deal we will announce tomorrow is best for our company, for the teams and arena, for the city and for the fans.'' AOL's Turner Broadcasting division, which runs the teams, entered exclusive talks in April with McDavid to buy the NBA's Hawks and the NHL's Thrashers, along with operating rights to the arena. The negotiations stretched longer than expected and most recently were complicated by a provision in the Philips Arena bond sale, which uses the Hawks as a form of collateral. AOL Time Warner wants to sell the three teams to pay down its $25.8 billion in debt. Quote Link to comment Share on other sites More sharing options...
Maine Devil Posted September 15, 2003 Share Posted September 15, 2003 ESB do you know what's happening with the sale of the Nets and maybe the Devils? Corzine was interested in the Nets. I don't know that there was a buyer for the Devils. They should be packaged for NJ. Thanks for info. Quote Link to comment Share on other sites More sharing options...
Elias Sports Bureau Posted September 15, 2003 Author Share Posted September 15, 2003 Well here's today's story on the Devils/Nets: Company Considering Sale of Nets; Gets Outside Help .c The Associated Press NEWARK, N.J. (Sept. 15) -- YankeeNets has retained two investment firms to field offers for the NBA's New Jersey Nets. The company hired Goldman Sachs and Lehman Brothers "to explore the sale,'' said Howard Rubenstein, a spokesman for the sports conglomerate YankeeNets, which owns the Nets and the NHL's New Jersey Devils. Officials from YankeeNets met last week to review offers from two potential investors. No action was taken at that meeting. Among those interested is a New Jersey investment group, which includes developer Charles Kushner and U.S. Sen. Jon Corzine. YankeeNets also has received formal offers from New York developer Bruce Ratner, who would move the team to a new arena in Brooklyn, and Charles Wang, owner of the NHL's New York Islanders, who has intensified negotiations with Nassau County, N.Y., for a new arena. Quote Link to comment Share on other sites More sharing options...
sammyk Posted September 16, 2003 Share Posted September 16, 2003 Goldman Sachs eh? Didn't Corzine used to head up that firm? Hopefully he still has friends there that will make his offer look more attractive. Quote Link to comment Share on other sites More sharing options...
Pepperkorn Posted September 16, 2003 Share Posted September 16, 2003 SAMMY! I haven't seen you in ages -- I thought you'd gone the way of Zamode! Quote Link to comment Share on other sites More sharing options...
Jimmy Leeds Posted September 16, 2003 Share Posted September 16, 2003 Goldman Sachs eh? Didn't Corzine used to head up that firm? Hopefully he still has friends there that will make his offer look more attractive. Corzine left them on bad terms. He had some questionable business practices that brought some sort of ethical investigations. Quote Link to comment Share on other sites More sharing options...
sammyk Posted September 16, 2003 Share Posted September 16, 2003 SAMMY! I haven't seen you in ages -- I thought you'd gone the way of Zamode! I was on vacation. What happened to Zamode though? Quote Link to comment Share on other sites More sharing options...
sammyk Posted September 16, 2003 Share Posted September 16, 2003 Goldman Sachs eh? Quote Link to comment Share on other sites More sharing options...
Nieuwy25 Posted September 16, 2003 Share Posted September 16, 2003 SAMMY! I haven't seen you in ages -- I thought you'd gone the way of Zamode! I was on vacation. What happened to Zamode though? Welcome back, sammy! And I've been wondering where Zam has been the last week or so, too, but I figured she was just on vacation. ???? Quote Link to comment Share on other sites More sharing options...
Maine Devil Posted September 16, 2003 Share Posted September 16, 2003 Thank you ESB for the information regarding the sale of the Yankee/Nets teams. It would appear that the Devils don't fit into anyones plans right now. That's too bad because without the basketball and hockey teams together it will be difficult to get something going re: arena in NJ. Unless the Corzine group get the Nets and keep them in NJ. Devilminder is right the Devils should come to Maine. Could go to Banger a hockey town because of the Black Bears (University of Maine hockey). Portland has an AHL team. I just can't imagine that there isn't a buyer in NJ (many wealthy people in NJ) for the Devils to keep them in NJ somewhere if not at CAA for a while. Quote Link to comment Share on other sites More sharing options...
NJDevs4978 Posted September 16, 2003 Share Posted September 16, 2003 SAMMY! Quote Link to comment Share on other sites More sharing options...
sammyk Posted September 16, 2003 Share Posted September 16, 2003 SAMMY! Quote Link to comment Share on other sites More sharing options...
Nieuwy25 Posted September 16, 2003 Share Posted September 16, 2003 Good thing she didn't wait for the extended version, then! I hope she's okay. Quote Link to comment Share on other sites More sharing options...
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