|David McDavid/Courtesy: sallyharrison.com|
Without re-hashing the story in great detail; essentially the guy who tried to buy the team was bypassed after making an offer and getting an agreement for the sale. He sued...and won.
That guy is Texas car dealership owner David McDavid, who sued Turner Broadcasting for $450 million and ended up being awarded $281 million after he originally agreed to purchase the teams for $96 million. Not a bad profit.
Apparently McDavid and Turner Broadcasting settled their suit today. Turner had promised to appeal the award, but backed off.
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Pity the Turner stockholders who are now out a pretty significant chunk of money. Though the way things work these days, the company can probably just write off the cost. Since the parties won't give away the details, we are guessing McDavid got at least somewhere between the jury award and the amount he originally offered for the teams.
The deal that Turner ended up doing with the Atlanta Spirit Group has had mixed results and always smelled a bit funny. This confirms that always had been true.
Here is a commercial for the Hawks, one of the aforementioned properties.