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NHL Board of Governors Approves Transfer of Atlanta Thrashers Ownership to Atlanta Spirit LLC

Announcement follows NBA approval of Atlanta Hawks ownership transfer, enabling group to purchase both franchises and operating rights to Philips Arena

The National Hockey League Board of Governors today approved the transfer of ownership from Turner Broadcasting System, Inc. and parent company Time Warner Inc. to Atlanta Spirit LLC, which clears the way for the formal closing of the sale of the NHL's Atlanta Thrashers franchise, the National Basketball Association's Atlanta Hawks franchise and operating rights to the Atlanta sports and entertainment venue Philips Arena to the partnership. The formal close of the sale will be announced at a later time.

"We're ecstatic to receive NHL approval as the final step in the sale process," said Spirit partner and Atlanta businessman Rutherford Seydel. "We thank Commissioner Bettman, the League's Board of Governors and especially the fans and employees of both teams and the arena, who have been so supportive and patient throughout this process. Our formal closing is now imminent and we can't wait to get started."

The Atlanta Spirit LLC is a partnership whose principals are Steven Belkin, Michael Gearon Jr., Bruce Levenson, Ed Peskowitz, J. Rutherford Seydel, II, Todd Foreman, J. Michael Gearon Sr., Bud Seretean and Beau Turner.

The Thrashers visit the Toronto Maple Leafs tonight at 7:30 p.m., and host the Pittsburgh Penguins in the team's final home game of the 2003-04 season Friday, April 2 at 7:30 p.m. For ticket information, visit the team's Web site at www.atlantathrashers.com or call the Thrashers at (404) 584-PUCK.