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Tony Ressler announced as Hawks' main owner

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ATLANTA (AP) The NBA board of governors has unanimously approved the sale of the Atlanta Hawks to an ownership group led by billionaire Tony Ressler.

Along with the operating rights to Philips Arena, the Hawks were sold for $850 million. The NBA announced Wednesday's sale closing.

Former NBA star Grant Hill is part of Ressler's group, which includes New York investor Rick Schnall, Spanx founder Sara Blakely and her husband Jesse Itzler, co-founder of Marquis Jet.

The Hawks parted ways Monday with general manager Danny Ferry after buying out the last two years of his contract.

Ferry's departure resulted in a promotion for coach Mike Budenholzer to take a dual role as president of basketball operations.

A news conference is scheduled for Thursday morning in Atlanta to introduce Ressler and his partners.