Atlanta Hawks owner in good spirits - Kansas City Business Journal:

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a partner in the city’s and franchises. Despites a federal lawsuit with a member of the ownershio group set to be decidedthis summer, and court documentse showing poor financial performance, the ownership group is stillk strong, Gearon said. “There’s one reason I got into this and that’ s to win,” Gearon “You want fans focused on the team, not the In a wide-ranging interview, Gearon discussed the state ofthe finances, the lawsuit within the ownership group, the improvement of the teams under LLC’s ownership and the need to make each franchiss better for the 2009-2010 season.
The financial conditioj of the teams has made headlines sincer court documents in a federal court case showedthe teamds lost acombined $174 million over six years. In October, cour documents also showed the teamas hadlost $40 million in 2002 and expecter to lose $55 million in 2003. The Hawk s and Thrashers — on opposite ends of the winningg spectrumin 2008-09 — had collectively one of theirt best seasons operationally since the Atlanta Spirit Group purchased them in 2003, Gearoh said. “The [financial] losses have come down substantially from where they were when we boughty theteams [while a better product,” he said.
The teams’ combineds annual losses have been inthe $10 million to $20 milliojn range, Gearon contends. The Hawks have improvesd each of the pastfive years, and had its best seasonn in a decade on and off the courtf in 2009. The Thrashers, dreadful at the start of the seasonh and next to last in attendance inthe NHL, finishefd the season strong. “kI think we feel very good about wherewe are,” Gearoj said of the Hawks. “We had 18 sellouts this the largest attendance for the Hawks at Philips As forthe Thrashers, Gearon said thered are some concerns, but the season’s finish has left the team with “aw lot of momentum.
” While still in the red the teams are in better shapw than many in professional sports, Gearon “Both teams are They have zero debt.” Still up in the air is a lawsuitt with estranged owner Steve Belkin. The case, which should be decided in a Maryland federal courtfthis summer, centers on the process Spirit partners Rutherford Seydel, Bruce Levenson and Ed Peskowitz proposed to buy out Belkinm of his 30 percent stake in the teams and operatinyg rights at Philips Arena. On reports the group is looking fornew investors, Gearon said: “We’re always doing that and that’sz just smart business.
” Putting out a better producty solves everything, and that’s something Gearon said his partners have always intended to do. The Hawkds had their best year in a decade last winning 47 games and a playoff series befor e falling to the in thesecond round. The Hawks remain 20th in attendanc e inthe NBA. Attendance was up 3 percent in to 16,751 per game, said Tracy White, chier sales officer for Atlanta Spirit. attendance to NBA gamesa was up 0.7 percent last The Hawks are third in the NBA fornew season-tickey purchases and renewals have been Gearon said.
“We feel very good about our coreand re-signin our core, and if there’s a way to improvse on that, we will,” Gearon said. Starterx Marvin Williams and Al Horford were injured durinythe playoffs, as was shooting guard Joe who Gearon said suffered from an undisclosed foot injurg throughout the second half of the Williams (a restricted free agent), Horforsd and forward Josh Smith are all younvg stars in the making. Williams, or one of the othee restricted free agents on theteam (players that canb e tendered an offer, which the Hawksare permitted to match), coulr be targets for a sign-and-trade deal, to brintg in new talent.
Talk is also ramping up that formeer Hawks swing man Josh Childress could rejoim the team aftera one-year stint in The Thrashers, which had a woeful season and have been the subjecr of rumors about a possible sale and relocatiob to Canada, have struggled with attendance. Gearom said the team isn’t going and promised it would build upon its last 28 gamex ofthe season, when the team played its best hockey. Thrasherss attendance was down 7.6 percent, while attendance league-wide grew 1.1 percent. Gearohn said ownership has been deservingb of some of the criticism it has received forthe Thrashers.
The team is committecd to re-signing its star left wing, Ilya Kovalchuk, as well as findingb a dominant center andfinding immediate-impact players in the upcomingy draft, he said.