NBA approves sale of Atlanta Hawks

Jun 25, 2015 - 1:27 AM New York, NY (SportsNetwork.com) - The Atlanta Hawks unveiled new uniforms on Wednesday and also received word that the NBA has unanimously approved the sale of the team to a group led by billionaire Tony Ressler.

"We are pleased that the NBA's Board of Governors has approved the purchase of the Atlanta Hawks by principal owner Tony Ressler," said NBA Commissioner Adam Silver. "Tony and his diverse and experienced ownership group will bring tremendous energy and passion to the Hawks and the team and its fans will greatly benefit from their commitment to the Atlanta community."

Ressler, who co-founded the asset management firm Ares Management, has an estimated net worth of $1.43 billion, according to Forbes magazine.

His group includes seven-time NBA All-Star Grant Hill, Spanx founder Sara Blakely and Marquis Jet co-founder Jesse Itzler, among others.

Hawks co-owner Bruce Levenson decided in September to sell his controlling interest in the Hawks in the wake of a racially insensitive email he wrote in 2012.

The Hawks also announced a rebranding to their team with their new uniforms and color arrangements. Torch Red, Georgia Granite Gray and Volt Green replace the red, white and blue color scheme that had represented the team since June 2007.