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  • Belkin bought out; Johnson to ATL Hawks done

    Associated Press

    ATLANTA -- Steve Belkin agreed to sell his share of the Atlanta Hawks on Friday, allowing the team to complete a trade for Phoenix guard Joe Johnson and settling a dispute that brought the owners to court.

    The NBA said Belkin would leave as the team's governor and sell his share of Atlanta Spirit, the nine-man group that also owns the NHL's Thrashers and Philips Arena.

    The team called an afternoon news conference to announce the sign-and-trade deal for Johnson, who will become the club's highest-paid player with a five-year deal worth about $70 million. The Hawks will send guard Boris Diaw, two first-round picks and a $4.9 million trade exception to the Suns to complete the deal.

    Belkin's opposition to the trade -- and refusal to OK it even though the remaining owners approved -- left the Hawks in turmoil.

    The other owners wanted to remove Belkin from his role as governor. Belkin went to court in Massachusetts to stop them. Finally, NBA commissioner David Stern ruled the Atlanta- and Washington-based owners, who control 70 percent of Atlanta Spirit, could remove Belkin, who holds 30 percent.

    The split led to negotiations and Belkin agreed to sell his share to the other owners for an undisclosed sum. The deal is expected to be completed by the end of the year.

    Atlanta Spirit paid $250 million last year to buy the Hawks, Thrashers and Philips Arena from Time Warner, which sold the teams to reduce heavy debt.

    Stern said it became clear "philosophical differences" prevented the Hawks from trying to build a winning team.

    "I appreciate that Steve has voluntarily resigned as NBA governor in order to ensure that the team can move forward with one voice," he said. "I certainly hope that he will consider returning to the NBA as an owner of another franchise in the near future."

    Michael Gearon Jr., one of the Atlanta-based owners, will replace Belkin as NBA governor.

    The Johnson trade was held up for 2½ weeks. General manager Billy Knight agreed to a deal with the Suns and thought the owners were on board. But Belkin objected, saying the Hawks were giving up too much and exposing a simmering rift between the Boston-based businessman and the rest of the ownership group. Under NBA rules, a team's governor must approve all trades.

    The other owners charged that Belkin was unwilling to spend big money to rebuild the Hawks, who are coming off the worst season (13-69) in franchise history. Belkin said he was more concerned with the other parts of the deal, believing the Suns would not be able to match the contract the Hawks were offering.

    Johnson averaged 17.1 points for the Suns last season and is expected to play the point in Atlanta.

    While Belkin won a temporary injunction in Boston blocking the other owners from removing him, a judge lifted it last week.

    The ruling followed an affidavit filed Aug. 11 by Stern, who cleared the way for the other owners to replace Belkin. The Hawks still had to wait five business days before taking the action. That period ended Friday.

    "Can't buy what I want because it's free...
    Can't buy what I want because it's free..."
    -- Pearl Jam, from the single Corduroy

  • #2
    Does your post count actually increase when you post nonsense no one cares about?
    Official 2014-15 Lounge Sponsor of Jori Lehterä
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    • #3
      Originally posted by Ohio Blues@Aug 19 2005, 12:28 PM
      Does your post count actually increase when you post nonsense no one cares about?
      You don't care aboot it....I ask myself the same question when you post....

      GFY....

      "Can't buy what I want because it's free...
      Can't buy what I want because it's free..."
      -- Pearl Jam, from the single Corduroy

      Comment


      • #4
        Originally posted by *007*@Aug 19 2005, 12:07 PM
        Associated Press

        ATLANTA -- Steve Belkin agreed to sell his share of the Atlanta Hawks on Friday, allowing the team to complete a trade for Phoenix guard Joe Johnson and settling a dispute that brought the owners to court.

        The NBA said Belkin would leave as the team's governor and sell his share of Atlanta Spirit, the nine-man group that also owns the NHL's Thrashers and Philips Arena.

        The team called an afternoon news conference to announce the sign-and-trade deal for Johnson, who will become the club's highest-paid player with a five-year deal worth about $70 million. The Hawks will send guard Boris Diaw, two first-round picks and a $4.9 million trade exception to the Suns to complete the deal.

        Belkin's opposition to the trade -- and refusal to OK it even though the remaining owners approved -- left the Hawks in turmoil.

        The other owners wanted to remove Belkin from his role as governor. Belkin went to court in Massachusetts to stop them. Finally, NBA commissioner David Stern ruled the Atlanta- and Washington-based owners, who control 70 percent of Atlanta Spirit, could remove Belkin, who holds 30 percent.

        The split led to negotiations and Belkin agreed to sell his share to the other owners for an undisclosed sum. The deal is expected to be completed by the end of the year.

        Atlanta Spirit paid $250 million last year to buy the Hawks, Thrashers and Philips Arena from Time Warner, which sold the teams to reduce heavy debt.

        Stern said it became clear "philosophical differences" prevented the Hawks from trying to build a winning team.

        "I appreciate that Steve has voluntarily resigned as NBA governor in order to ensure that the team can move forward with one voice," he said. "I certainly hope that he will consider returning to the NBA as an owner of another franchise in the near future."

        Michael Gearon Jr., one of the Atlanta-based owners, will replace Belkin as NBA governor.

        The Johnson trade was held up for 2½ weeks. General manager Billy Knight agreed to a deal with the Suns and thought the owners were on board. But Belkin objected, saying the Hawks were giving up too much and exposing a simmering rift between the Boston-based businessman and the rest of the ownership group. Under NBA rules, a team's governor must approve all trades.

        The other owners charged that Belkin was unwilling to spend big money to rebuild the Hawks, who are coming off the worst season (13-69) in franchise history. Belkin said he was more concerned with the other parts of the deal, believing the Suns would not be able to match the contract the Hawks were offering.

        Johnson averaged 17.1 points for the Suns last season and is expected to play the point in Atlanta.

        While Belkin won a temporary injunction in Boston blocking the other owners from removing him, a judge lifted it last week.

        The ruling followed an affidavit filed Aug. 11 by Stern, who cleared the way for the other owners to replace Belkin. The Hawks still had to wait five business days before taking the action. That period ended Friday.

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        • #5
          How many small forwards do you need? They now have Joe Johnson, Josh Smith, Josh Childress, and #2 overall draftee Marvin Williams.
          Do what thou wilt shall be the whole of the law ~

          A.C.

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