History
In 2005, Atlanta Spirit bought the Atlanta Thrashers, Atlanta Hawks, and operating rights to Philips Arena from Time Warner's Turner Broadcasting System. The Thrashers deal involved contracts so long and thick that they were placed in six binders. The investors of ASG had to sign 372 times.
In the summer of 2005, the Atlanta Hawks finalized a trade with the Phoenix Suns to obtain shooting guard Joe Johnson for Boris Diaw and two protected future first-round picks. While this trade met with the approval of the majority of the ownership group, it was rejected by Steve Belkin, who held a controlling vote as the Hawks Governor within the group. This triggered legal proceedings to force Belkin out of the group. On December 23, 2010, the group led by Gearon and Levenson announced they had bought out Belkin's ownership share in Atlanta Spirit.
In 2007, Spirit co-founder Bud Seretean died at the age of 83.
On May 31, 2011, the Atlanta Spirit Group sold the Thrashers to True North Sports and Entertainment, who relocated the team to Winnipeg, Manitoba and re-branded them as the new Winnipeg Jets.
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