Turner Broadcasting drops appeal of $281M judgment for Texas man who sought Atlanta teamsBy AP
Monday, August 30, 2010
TBS drops appeal of $281M judgment over teams
ATLANTA — Turner Broadcasting System has dropped its appeal of a judge’s order that required the company to pay a Texas businessman $281 million over the sale of the Atlanta Hawks and Thrashers.
David McDavid accused the company of cheating him out of buying the pro basketball and hockey teams and Philips Arena’s operating rights in 2003. A jury granted him the award in December 2008 and Georgia courts have twice upheld it.
Turner spokeswoman Misty Skedgell said “in the interest of bringing this seven-year-long matter to a conclusion, we have chosen to resolve it through a settlement.”
She would not say whether the Atlanta-based company agreed to pay the full amount.
The decision does not affect the teams’ ownership. The eight-man Atlanta Spirit group bought the teams and the arena’s rights in 2003.
Tags: Atlanta, Georgia, North America, Ownership Changes, Sports, Sports Business, United States