Atlanta Spirit hires investment firm

As previously reported, Atlanta Spirit LLC which owns the Atlanta Thrashers and Atlanta Hawks as well as their shared arena have a feuding ownership group. Recently a Judge told the group to come up with a better plan to buy out disgruntled owner Steve Belkin. Apparently the group is serious about that because they have hired Goldman Sachs to help bring in new investors and financially restructure the ownership of the team and then arena.

It should surprise no one that since this ownership feud started in 2005 the group has racked up 20 million dollars in annual loses. This comes from owners bickering with each other rather than trying their best to operate the teams. While they are denying that either team is for sale, one has to believe that if the price was right either team could be sold.

Atlanta Spirit is also looking to maximize the profits from the operation of Philips Arena. To date this group has done a poor job of earning money from their home arena.

If The Thrashers are put up for sale they would join the Phoenix Coyotes and Florida Panthers as teams on the open market. If the Hawks are placed on the market they would join the Charlotte Bobcats as NBA teams currently for sale.