A group led by Ares Management LP’s billionaire co-founder Tony Ressler won the bidding for the National Basketball Association’s Atlanta Hawks, the team said Wednesday night.

The sale price was $730 million, according to a person with direct knowledge of the transaction, the second most paid for an NBA team behind former Microsoft Corp. Chief Executive Officer Steve Ballmer’s $2 billion purchase of the Los Angeles Clippers last year. Ressler’s group will also assume about $120 million in arena debt, another person said.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.