ATLANTA — A possible new owner for the Atlanta Hawks has finally emerged.

The Atlanta Journal Constitution is reporting that billionaire investment banker Anthony Ressler is nearing an agreement to purchase the NBA franchise.  The price has been rumored to be less than the anticipated $1 billion price tag.

Ressler founded private equity firm Apollo Global Management with others from the failed junk bond firm Drexel Burnham Lambert.  He is also a minority owner of the baseball club Milwaukee Brewers.

Forbes magazine lists his net worth at $1.43 billion.

Ressler is attempting to purchase the club and rights to Philips Arena from the current ownership group led by Bruce Levenson, who decided to sell the team after emails showing him use racial remarks surfaced in 2012.