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.
For more on the Atlanta Hawks sale, visit Peachtree Hoops and SB Nation Atlanta.
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