Blank has agreed a deal ‘in principle’ with the Force’s owner Virgil Williams.
The transaction is subject to the execution of a definitive purchase agreement and approval by the Arena Football League’s board of directors.
It is hoped to conclude a deal by the end of next month, with the final terms signed in August.
Under the terms of the preliminary agreement, Williams will retain a minority financial interest in the Force for a four-year period.
Williams acquired majority ownership of the Nashville Kats in 2001, relocating the club to Atlanta and renaming the team the Georgia Force.
Said Blank: “Three years ago, Virgil had the vision to bring AFL football to the people of Georgia Today, our shared vision is to watch the Georgia Force continue to grow and thrive through the skills and experience we have gained in the NFL and the Falcons.
“This acquisition underscores our commitment to the region and to sports.”
Arthur Blank (pictured), owner of NFL team the Atlanta Falcons is set to buy the Georgia Force Arena Football League team.
