Under the terms of the agreement, the 48-year-old son of Cuban immigrants will have a controlling stake of more than 50% in the Hawks and the team will remain in Atlanta and continue to play at Philips Arena. However, the takeover still needs to be ratified by the NBA, which is currently in a lockout scenario after a new Collective Bargaining Agreement with the players’ union failed to materialise.
The Associated Press reported that the value of the deal has not been disclosed, but Meruelo confirmed that members of the current ownership group, including majority owners Bruce Levenson and Michael Gearon Jr., would retain minority shares “for a period of time”. The current owners also recently offloaded the National Hockey League’s Atlanta Thrashers to the True North Sports and Entertainment consortium, which moved the team to Winnipeg in Canada.
“First of all it's a privilege and I'm honoured," Meruelo, a California-based developer and pizza chain owner, told a news conference. “I think it means a lot. Me being Hispanic, being first is really touching. I hope to do the right thing. I just want to make sure I make them proud.” Meruelo added that he would strive to earn the respect of Atlanta fans and would “never ever give up” on attempting to steer the Hawks to an NBA championship.
“My focus is one focus: to bring a championship back to Atlanta,” he said. “My focus is on the basketball team, my heart and my soul and that's where I want to be.” The team has reached the play-offs for the past four seasons.
Meruelo’s acquisition marks the second major NBA takeover in less than a month. In September, billionaire Joshua Harris sealed a deal with Comcast-Spectator to buy the Philadelphia 76ers in a deal reportedly worth US$280 million.
