Thrashers Owner States Deal To Winnipeg is 80% Done: 05/26/11

By MYFOXATLANTA STAFF/myfoxatlanta

ATLANTA - The potential sale of the Atlanta Thrashers to Winnipeg's True North Sports and Entertainment has been the center of speculation and rumor over the past couple of weeks. FOX 5's Ken Rodriguez got a chance to have a one-on-one conversation with one of the Thrasher's lead owners, Michael Gearon Jr.
Here is Ken's report from Thursday's FOX 5 News at 6:

Earlier today, I spent about an hour in a one-on-one conversation with Atlanta Thrashers co-owner, Michael Gearon - getting his side of the story on how exactly we've gotten to this point in the whole "Thrashers relocation saga." It was his side of the story, mind you. But there was no pretending that there was still a chance the team would remain. It's not going to happen. In fact, he offered that the deal to sell the Thrashers is "about 80-percent complete." However, an announcement may not come until next week -- maybe. Gearon said that there are still mounds of paperwork to take care of.

Gearon wanted to set me straight on a report I did last week that said he and his co-owners (Atlanta Spirit Group) had been engaged in negotiations with True North (the Winnipeg investment group purchasing the Thrashers) and that they had actually reached an agreement with them months ago. Gearon emphatically denied this, saying negotiations with True North have only been going on for the last ten days (I'm just reporting the conversation).

The obvious question to him was -- why did he and ASG not sell to a local group? The answer, Gearon said, was simple -- there was no serious and/or viable offer to consider. According to Gearon, all it would have taken to keep the team here was a few investors for about one to $5 million each. But, frustratingly, no one would belly-up to the bar. He pointed to the $20 million in annual losses as a possible deterrent. In the end, he and his ASG partners could no longer continue to absorb the losses.

In recent days, allegations have been raised by at least two groups that accuse ASG of not negotiating with them in good faith. One in particular, former NHL player, Anson Carter tweeted recently that he had offered $350 million for the Hawks, Philips Arena, and the Thrashers. That led Gearon to spin his computer monitor around for me to see a letter from Carter's group indicating that they were retracting their offer, with Gearon saying, "the money wasn't really there."

Tom Glavine? Big hockey fan... His heart was in the right place. But he's not the big money guy needed to pull-off a local buy.

Stephen Rollins: Georgia native and Hollywood filmmaker? The conversation about him ended as soon as it started. Rollins was not considered a serious player, according the Gearon.

As for the City of Atlanta, Gearon defended Mayor Kasim Reed, saying he did all he could. However, I believe a more public effort from City Hall would have been helpful. Are you telling me the Mayor of the City of Atlanta can't pull together a group of investors?

And then there's NHL commissioner, Gary Bettman. His silence and lack of support for Atlanta has been deafening and reprehensible! I've been getting loads of emails and texts from people hanging their hopes on an NHL bylaw that requires the league to at least explore local options before allowing relocation, but judging by the body language of league headquarters -- that ain't happening. The NHL stands to receive a hefty $60-million payday from the Thrashers' move. I believe Bettman has turned his back on Atlanta.

Unfortunately, all indications indicate that it's already over. We've lost a professional sports franchise. But please, don't blame the fans. In the end, the Atlanta Spirit Group could not afford to keep the team. And to this observer, the Thrashers weren't worth the trouble. Gearon admitted he knows absolutely nothing about hockey. So, take all this for what it's worth.

Yes, this is a business. But when it comes to Atlanta sports fans -- it's also personal!

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