Atlanta, GA (My Sportsbook) - AOL Time Warner agreed Tuesday to sell its NHL and NBA franchises, as well as the operating rights to Philips Arena, to an Atlanta investment group.

Atlanta Spirit LLC will gain ownership of the Atlanta Hawks and Atlanta Thrashers, pending approval by AOL Time Warner's Board of Directors and the NBA and NHL Board of Governors.

"We are pleased to have reached an agreement that we feel best serves the interests of our company, of the teams and Philips Arena and of Atlanta sports fans," said Philip I. Kent, chairman and CEO of TBS, Inc. "Our confidence in the Atlanta Spirit group's vision and ability to successfully operate the teams and arena is further reflected in our continuing equity position as a partner in their venture."

AOL Time Warner is the parent company of Turner Broadcasting System, Inc., which will maintain a 15-percent passive equity stake in the Atlanta Spirit venture that will own the teams.

TBS will have no financial or management responsibilities with the teams or the arena operating company, but will maintain rights to future Hawks and Thrashers programming on its networks.

Atlanta Spirit LLC in an investment partnership that includes three men who last year tried unsuccessfully to buy Charlotte's NBA expansion franchise -- Boston businessman Steve Belkin and Washington businessmen Bruce Levenson and Ed Peskowitz.

The Hawks and Thrashers have been for sale since October 2002.