NFL commissioner Paul Tagliabue said that his office and the NFL Finance Committee would begin the league's review of the deal as soon as the sale documents were received.
A vote on the proposed sale by the NFL is expected to take place no later than March 2002. The team remains under the ownership and direction of the Smith family until then.
"My commitment to Atlanta and passion for sports and competition make this acquisition a perfect fit for me," said Blank, chairman, president and CEO of AMB Group, LLC.
The Home Depot is the world's number one home improvement retailer.
Atlanta Falcons owner Taylor Smith has reached agreement in principle to sell the NFL team to The Home Depot co-founder Arthur Blank for approximately USD545 million.
