The owners of National Basketball Association (NBA) franchise the Atlanta Hawks have unanimously approved the sale of the team.
The sale process will begin with immediate effect but the NBA confirmed this week that team will not be leaving Atlanta.
The Clippers, estimated by Forbes one year ago to be worth $575 million, sold for $2 billion last year. The bottom value for a franchise may have been set when the Milwaukee Bucks sold for about $550 million last year. Forbes valued the Hawks at $425 million before the sale of the Clippers and Bucks.
The group bought the Hawks, NHL's Thrashers and operating rights to Philips Arena for $250 million in 2004. The Thrashers were sold for $170 million in 2011 and relocated to Winnipeg as the Jets.
Based on the Hawks' play, the timing for a sale couldn't be better. Attendance is up with the Hawks (27-8) off to their best start in franchise history and holding the best record in the Eastern Conference.
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