Arthur M. Blank and Virgil R. Williams reach preliminary agreement on sale of Georgia Force
Published on May 24, 2004 under Arena Football League (1987-2008) (AFL I)
Georgia Force News Release
ATLANTA, GA, May 24, 2004 â Atlanta Falcons owner and CEO Arthur M. Blank and Georgia Force owner and chairman Virgil R. Williams announced today that they have reached an agreement in principle for the sale of the Georgia Force Arena Football League team to Blank. The transaction is subject to the execution of a definitive purchase agreement and approval by the Arena Football League's board of directors.
It is currently anticipated that a definitive agreement will be signed by the end of June 2004, and that ownership of the Georgia Force will change hands by the end of August 2004. The team remains under the ownership and direction of Virgil Williams until that time.
"Selling the Georgia Force to Arthur Blank is a unique opportunity to link our club and Arena Football with a broader sports entertainment drive in our city and state," said Williams. "As Arthur has demonstrated over the last two years, he has a passion for creating a great fan experience and building a winning franchise. There is no better fit for the Force, and I am proud to be able to provide this opportunity to our players, staff and fans."
Under the terms of the preliminary agreement, Williams will retain a minority financial interest in the Force for a four-year period.
Williams acquired majority ownership of the Nashville Kats in 2001, relocating the club to Atlanta and renaming the team the Georgia Force. The Force plays its home games at The Arena at Gwinnett Center located in Gwinnett County.
"Three years ago, Virgil had the vision to bring AFL football to the people of Georgia," said Blank. "Today, our shared vision is to watch the Georgia Force continue to grow and thrive through the skills and experience we have gained in the NFL and the Falcons.
"This acquisition underscores our commitment to the region and to sports" Blank continued. "We intend to put the same passion into building this franchise as we continue to put into the Falcons. This will be a team our fans will embrace for years to come, and all of Georgia will be proud to call their own."
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