The owners of the Atlanta Hawks and Atlanta Thrashers have settled a long legal battle, resulting in Boston-based Steve Belkin's share being purchased by others in the group.

Michael Gearon and Bruce Levenson have emerged from the settlement as the managing partners of the NBA Hawks, NHL Thrashers and Philips Arena, the home for the two teams. No other details were released in a three-sentence statement Wednesday night

The ownership split began in 2005 over Belkin's objection to the Hawks' trade of Boris Diaw, two first-round draft picks and a $4.9 million US trade exception to the Phoenix Suns for guard Joe Johnson.

Levenson, Ed Peskowitz and Todd Foreman are based in Washington, D.C.

Gearon is based in Atlanta, as are his father, Michael Gearon Sr., Rutherford Seydel and Beau Turner. Turner's father is Ted Turner, the former owner of the teams.

Levenson said he has had no success seeking additional investors for the Thrashers. He said he didn't know if the end of the lawsuit would make it easier to find investors who want to keep the Thrashers in Atlanta.

"That's possible," Levenson said. "I don't know if somebody out there was reluctant to raise their hand because of the lawsuit."

Gearon and Levenson said they are more optimistic than ever about the futures of the teams. The Hawks have made back-to-back playoff appearances and have improved their win totals in five straight seasons. The younger Thrashers are competing for first place in the Southeast Division.

"The perception is we don't spend money," Gearon said about the Hawks. "Yet you look at our roster and the core assets, we've kept all of them."

Gearon noted the Hawks re-signed star Joe Johnson to a six-year deal worth about $124 million in the off-season.

The agreement ends a long feud that had left Belkin still holding key votes in ownership decisions but unhappy with his role in the group.

Belkin asked the other owners to buy out his 30 per cent share of the partnership called Atlanta Spirit LLC. But the parties could not agree on the value of Belkin's share. Then they could not agree on who should set the value.

Belkin, backed by a 2006 Maryland circuit court ruling that was later overturned, then contended he was entitled to buy out his fellow owners at cost and take over the teams.