Warning: mysqli_query(): (HY000/1030): Got error 28 from storage engine in /home/sportsun/public_html/wp-includes/wp-db.php on line 1942
Fan raising $600 million to buy Atlanta Hawks – SportsUntapped.com
Today is
Added January 11th, 2015 by Ian

Fan raising $600 million to buy Atlanta Hawks
Warning: mysqli_query(): (HY000/1030): Got error 28 from storage engine in /home/sportsun/public_html/wp-includes/wp-db.php on line 1942

An Atlanta Hawks fan is attempting to raise $600 million to buy the NBA franchise, but even if he’s successful it probably won’t be enough. Mark Field DiNatale recently found out the club was up for sale and decided he’d use the crowd-funding approach to raise enough money to purchase it.

Crowd-funding is basically a method in which a group of people chip in money to support a specific event or purchase. People set up a website with the idea and readers from all over the world can then donate as much as they choose.

DiNatale wrote on the website, “Together we can be the first fully crowd funded professional sports team in history. Imagine that. A fully crowd funded professional sports team. It would be everyone’s team. The first internet-based sports franchise. You, me and everyone we know can be a Hawks fan and contributor. It doesn’t matter who you are, where you live, or if you’re into professional basketball or not. It’s simple, let’s make history.”

As of January 11th the site had raised $84,000 and DiNatale has promised that all of the cash will be refunded of the goal of $600 million isn’t met. However, considering the most recent NBA team was sold for about $2 billion DiNatale may still be well short of the Hawks asking price. In addition, the rest of the NBA owners would have to approve the sale of the team and its proposed owners. DiNatale offered some information about himself on the crowed-funding website and said he was born and raised in the city of Atlanta.

All three of the Hawks’ ownership groups have agreed to sell their shares in the franchise and the NBA has approved it. The next step is to line up some prospective buyers. Bruce Levenson is the controlling owner with 50.1 per cent of the shares and he announced back in September that he would be selling his stake in the team due to a racially-abusive email that was discovered. Levenson actually wrote the email in 2012 and he admitted he was wrong to have written it.

Also, a group based in Atlanta owns 32.3 per cent of the club and a New York-based group owns the other 17.6 per cent stake. The club actually went up for sale in September and the sale also includes an outstanding debt of $124 million on the team’s home, the Philips Arena. Reports said that numerous people have inquired about buying the Hawks. The Los Angeles Clippers were sold for $2 billion after former owner Donald Sterling was found guilty of making racist remarks, but the Milwaukee Bucks brought in just $550 million when they were sold back in April. When the Hawks are eventually sold, look for them to remain in Atlanta.

 
Bookmark and Share

Leave a Reply

 
Best US Sportsbook
Exclusive Betting Bonus

5dimes


Sports Betting 101
Latest Sports News