Atlanta Hawks fans received a dose of bad news on Friday, as the team's sale to Los Angeles businessman Alex Meruelo has been mutually terminated, according to a report in the Atlanta Journal-Constitution. The deal, which was signed in early August, has now fallen through, according to the report.
Meruelo announced a "definitive" agreement to purchase the team on August 7, but the deal stalled during the NBA approval process. The league required the deal to include conditions that were not a part of the original agreement, the AJC reports. A 75-percent majority is required to approve any new owners, but according to the report, the league had enough issues with the arrangement that a vote never took place.
The news means that the Atlanta Spirit Group, for the time being, remains the owners of the club.