Lawsuit: Thrashers Lose $130M Since 2005

ATHENS, Ga. – A lawsuit filed by the owners of the Atlanta Thrashers says the team has lost more than $130 million since 2005 and claims the franchise’s value has dropped by more than $50 million.

The lawsuit, filed Friday in Fulton County Superior Court, also said that the Atlanta Spirit has been in negotiations with potential buyers to sell the team but could not because of an ownership split.

The team’s owners reveal the information as part of a lawsuit that accuses Atlanta law firm King & Spalding of drafting a “flawed” contract that prevented the team’s sale.

It was filed by the Atlanta Spirit, a seven-man group that owns the Thrashers, the Hawks and operating rights to the Philips Arena.

Spirit co-owner Michael Gearon said the malpractice lawsuit would have no effect on the teams. King & Spalding’s attorney did not immediately return calls seeking comment.