The Atlanta Hawks released a statement through their PR department regarding the impending sale of a controlling interest in the team to Alex Meruelo.
ATLANTA (August 8, 2011) -The Meruelo Group, led by founder Alex Meruelo, and Atlanta Spirit LLC have reached an agreement on the sale of a majority ownership stake in the National Basketball Association's Atlanta Hawks and the Philips Arena operating rights, it was announced today. Completion of the sale is subject to approval by the NBA Board of Governors and terms of the agreement were not disclosed.
"I am a lifelong basketball fan, a student of the NBA game, and this is a dream come true for me," stated Alex Meruelo, founder and chief executive officer of the Meruelo Group. "I am committed to winning and look forward to engaging with our wonderful fans, our dedicated season ticket holders, our committed corporate partners and this passionate community. I believe that both the Hawks and Philips Arena have unlimited potential for the future. I am honored to be a part of that future"
With roots dating to 1986, the Meruelo Group is a diversified holding and management company owned and controlled by prominent U.S. Hispanic business executive Alex Meruelo. The Meruelo Group has diverse holdings in banking and financial services, restaurants and food services, construction and engineering, real estate, hotel/casino operations and private equity. For more information please visit www.meruelogroup.com.
The Atlanta Hawks will remain a long-term tenant of Philips Arena and Alex Meruelo will serve as the Hawks' Governor to the NBA.
Lets hope that by being a student of the game Meruelo recognizes the need to put quality basketball people in charge of the team and gives the basketball people the tools they need to make quality decisions.