The deadline to submit bids for the Atlanta Hawks was on Tuesday and Forbes is reporting that several offers were made with the top bid totaling $800 million. That is a little less that what was originally reported by Bloomberg. The difference appears to be the inclusion of approximately $112 million in bonds on Philips Arena.
Although Bloomberg reported the offers were around $900 million, a source with knowledge of the bids said that is not accurate. The source, who traded candor for anonymity, said the $900 million figure includes $112 million of bonds remaining on the original $131 million used to finance the construction of the arena.
According to ProBasketballTalk's Kurt Helin, many of the bids are heavy on foreign investors that have teamed up with recognizable NBA people to make the bids. Helin also reports that while the deadline has passed, there is still time for a more lucrative offer to come forth. He speculates that as the reason for the $800 million price tag to have leaked out.
For Hawks fans this is a signal that the process is progressing and a final resolution could be right around the corner.