Jeff Zillgitt

USA TODAY Sports

The Atlanta Hawks ownership group is working to finalize the sale of the team to a group led by billionaire equity and investment fund manager Antony Ressler, three people familiar with the process told USA TODAY Sports.

They requested anonymity because they were not authorized to speak publicly until the sale is complete.

Ressler's group, which includes former NBA player Grant Hill and Jesse Itzler, the co-founder of Marquis Jet, will buy the Hawks from Bruce Levenson, Michael Gearon Jr., and other investors for $850 million.

Itzler's wfie, Spanx founder Sara Blakely, and Clayton Dubilier & Rice partner Rick Schnall and BTIG co-founder Steven Starker are also part of Ressler's group. NBA owners must approve the sale of the team, but that is expected.

The Hawks announced the agreement of the deal Wednesday evening.

"We are honored and thrilled to have been chosen to become the new stewards of the Hawks," Ressler said in a statement. "We respect the NBA's approval process and, accordingly, can say no more other than we are incredibly excited by the Hawks' success and wish them luck in the playoffs."

Foley & Lardner sports attorney Irwin Raij, who has facilitated the sale of other sports franchises, said the sale price is a strong number for the market.

"The price reflects the strength of the NBA product right now and views as to what they think the market can become," he said. "This takes into account the national and local media deals and the trend of increasing NBA team valuations. ... This price for this team in this market will be viewed positively."

Levenson, Gearon and others purchased the Hawks, the NHL's Atlanta Thrashers and operating rights to Philips Arena for $250 million in in 2004 and sold the Thrashers for $170 million in 2011. The Thrashers relocated to Winnipeg.

Ressler wanted to buy the Los Angeles Clippers a year ago, but his group didn't want to go as high as Steve Ballmer's $2 billion offer.

Ressler, a minority owner of the Milwaukee Brewers moved quickly after the Junior Bridgeman-Grant Hill group fell out of the process. But Hill still wanted to be involved and joined Ressler's group. Hill is expected to have just a small stake in ownership but he must own at least 1%, per a new rule NBA established by current owners.

Levenson announced he would sell his share of team in September – the fallout from the release of racially insensitive e-mails written by Levenson and made public following the racially insensitive comments Hawks general manager Danny Ferry made out Luol Deng during free agency discussions.

In January, Michael Gearon Jr., the other significant portion of the Hawks ownership group, announced he would sell his share of the team.

Ferry, who went to Duke, took an indefinite leave of absence and hasn't returned to the team. He would like to keep his job, and the involvement of Hill, who also went to Duke, might bolster Ferry's chances of remaining with the team.

The Hawks won a franchise-record 60 games and are the top seed in the East but were 17th in attendance per game and are expected to lose money this season. New local and national TV deals will help the franchise's financial situation, and the new owners will look to attract investment from area Fortune 500 companies.