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Atlanta Hawks Sale Falls Through, Alex Meruelo, ASG Mutually Agree To Terminate Agreement

Statement from Hawks owner Bruce Levenson:

"The Atlanta Hawks are no longer for sale," he added. "We're excited to remain as owners of the Hawks and are committed to building on our string of four straight playoff appearances."

Updated after the jump:

Alex Meruelo Statement via the AJC:

"I want to thank the Atlanta community who welcomed me with open arms. I am humbled and blessed by their warmth and hospitality. Basketball is my passion, but professional basketball is a business. Although all parties negotiated in good faith, we were not able to reach a mutually satisfactory agreement on some key issues given the current uncertainty surrounding the labor issue. As a result we mutually decided to terminate the deal effective immediately. I have great respect for the owners of the Hawks and the league and remain committed to fulfilling my dream of owning an NBA team. I look forward to that opportunity in the future."

As if the NBA Lockout wasn't enough, disappointment reigns with this announcement as it doesn't appear that Alex Meruelo was going to be able to gain approval by the NBA's Board of Governors. I am not completely buying that this franchise is no longer for sale, it just may very well be that the ASG takes a step back to see what kind of labor deal they get before once again putting the team on the market.

Statement from the NBA:

"We respect the decision of the parties and are looking forward to watching the continued growth and success that the Hawks have enjoyed, on the court, in the community, and with respect to attendance, sponsorship and television ratings."