Private equity billionaire Anthony Ressler is buying the Atlanta Hawks

Private equity billionaire Anthony "Tony" Ressler is purchasing NBA basketball team Atlanta Hawks for $730 million, Bloomberg News reports.

According to Bloomberg, Ressler's group will also take on approximately $120 million in arena debt.

The Hawks are currently the No. 2 ranked team in the league this season, with 60 wins and 22 losses.

Forbes values the team at $830 million on its NBA Team Valuation list. The team also ranks No. 22 on Forbes' list.

Ressler, 53, is the founder of publicly-traded private equity firm, Ares Management.

He became a billionaire after the firm's 2014 initial public offering (IPO) thanks to his 31% stake in the company. According to Forbes, he has an estimated networth of $1.43 billion.

Before cofounding Ares in 1997, Ressler cofounded private equity giant Apollo Management with his brother-in-law and fellow Drexel Burnham Lambert alum Leon Black.