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Atlanta Legal Battles Update
by Alanah McGinley on 12/09/08 at 05:11 PM ET
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From Kristi Swartz at the AJC.com,
A jury ruled Tuesday that Turner Broadcasting System owes Texas businessman David McDavid $316 million for a breach of contract when it negotiated with — and eventually sold — the Hawks, Thrashers and Philips Arena operating rights to another bidder.
The decision does not mean McDavid now owns the teams. They remain in the hands of the Atlanta Spirit, an eight-member group of investors. An appeal by Turner Broadcasting is possible.
McDavid signed a letter of intent with Turner to buy the teams and arena rights in April 2003. The letter, granting exclusive negotiations, expired 45 days later, but the parties continued to talk. Turner announced in September of that year it was selling the teams to the Spirit.
continued…
*Thanks to a KK reader for the link
Filed in: NHL Teams, Atlanta Thrashers | KK Hockey | Permalink
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i have a strange feeling that judgment will be appealed and at the very least, substantially reduced
Posted by bsalamon on 12/09/08 at 08:48 PM ET