Current Atlanta Owners Settle Ownership Dispute; Belkin Out
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12-23-2010, 02:36 PM
Join Date: Jun 2004
Location: The ATL!
Originally Posted by
He is (understandably) a huge Boston sports fan. He has season tix to both the Celtics and the Bruins, and his empire grew from having credit cards that were customized for your favorite sports teams.
I don't understand why Atlanta Spirit let him in the group, and I don't understand why the NHL let this group as it was configured buy the team. A Boston basketball guy, two guys from DC who like hockey a bit, and then some Atlanta basketball guys. Doesn't make sense. I suppose the league thought
Hey, they'll own a great arena and have two franchises - if one doesn't do well at times, they'll be stable with the other!
Seems like a fool-proof plan...unless you do a faceplant trying to execute it, as they have done.
If I remember correctly, he was the one that ponied up the most money and had the largest single stake in the group, 30%. Without his involvement, Atlanta Spirit, LCC would have never gotten a sniff.
One thing to remember is that the Atlanta Spirit, LLC deal came out of nowhere. AOL-Time Warner (as Time Warner was called at the time) had been dealing with David McDavid and had a deal pretty much in place when this deal with Atlanta Spirit was announced. The lawsuit that Mr. McDavid had against Time Warner was only recently settled as well (Time Warner spent nearly two years appealing the verdict.), with Mr. McDavid getting a tidy sum from Time Warner for breach of contract. The sale of the Hawks, Thrashers and the operating rights to Philips Arena ended up with multiple lawsuits and court cases.
During the civil case between David McDavid and Time Warner in 2008, some of the members of Atlanta Spirit were called to testify and Rutherford Seydel actually testified under oath to matters that had been long speculated about the finances of Atlanta Spirit. He talked about how his own stake in the ownership group had shrunk as the result of not being able to fund some of the capital calls that all of the owners had to make.
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