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Atlanta Hawks confirm that 100 percent stake of franchise is up for sale

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The Atlanta Hawks confirmed an earlier report that 100 percent of the franchise will be for sale.

Kevin Liles-USA TODAY Sports

The Atlanta Hawks today confirmed an earlier report by the Atlanta Journal-Constitution that 100 percent of the franchise is up for sale. Initially one part of Atlanta's current ownership group denied the AJC's report. The Hawks issued a press release with the news this morning.

The Atlanta Hawks today announced that its owners have unanimously approved a plan to sell the franchise and the Philips Arena operating rights. The sale will commence immediately. Atlanta Hawks Basketball and Entertainment, LLC has retained Goldman Sachs & Co. and Inner Circle Sports LLC to advise on the sale of the franchise and ancillary assets.

The sale process is expected to take several months to play out with April having been mentioned as a possibility for an agreement to be put in place. Any prospective owner would be subject to approval by the NBA and its owners.