Alex Meruelo is set to buy the Atlanta Hawks and Philips Arena, which would make him the NBA’s first Latino majority owner, according to the Associated Press. A person familiar with the deal told the AP he would take a controlling stake of more than 50 percent, with the sale still needing NBA approval and no price disclosed. The source spoke anonymously because nothing had been announced officially.
Meruelo is 48, the son of Cuban immigrants, and heads the Meruelo Group, an investment firm based in Downey, California. He founded the La Pizza Loca restaurant chain, and his firm also owns a casino resort in Reno, Nevada.
The seller is the Atlanta Spirit group, led by Michael Gearon Jr. and Bruce Levenson, which bought the Hawks, the NHL’s Thrashers and the operating rights to Philips Arena in 2004. The group sold the Thrashers earlier this year and they moved to Winnipeg. The AP says there is no threat of relocation this time, and Meruelo told the Atlanta Journal Constitution he has no plans to move the team, which has played in Atlanta since 1968. Levenson declined to comment, saying in an email to the AJC that it is Alex’s time.
Meruelo says he plans to move from his Los Angeles area suburb to Atlanta and stay involved in daily operations, calling his style hands on. He says he wants to “bring a championship to the city of Atlanta.” The Hawks have made the playoffs four straight seasons, including three straight trips to the second round. A press conference is scheduled for Monday.
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