AP source: Hawks reach buyout agreement with GM Danny Ferry

AP Sports Writer

ATLANTA (AP) - A person with knowledge of the deal tells The Associated Press the Atlanta Hawks have agreed to a buyout of the final two years of general manager Danny Ferry's contract.

The person says the buyout will be paid by the current ownership group, which has reached a deal to sell the team for $850 million to a group led by billionaire businessman Antony Ressler. The person spoke Friday on condition of anonymity because the agreement has not been announced.

The Hawks won a franchise-record 60 games and lost to Cleveland in the Eastern Conference final. Ferry spent the season on an indefinite leave of absence following racially derogatory comments he made last year.

The buyout was first reported by The Atlanta Journal-Constitution.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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