The Atlanta Hawks' owners have unanimously approved a plan to sell all of the shares in the franchise and the operating rights to Philips Arena.

The sale is understood to be set to commence immediately and the team is expected to remain in Atlanta, according to ESPN.

Joint co-owners Ben Levenson and Ed Peskowitz were joined by the full ownership group in their plan to sell, with the pair controlling 50.1% of the team.

Mayor Kasim Reed has added that the city could be willing to offer concessions to any new owner in order to ensure that the Hawks remain committed to Atlanta.

The Hawks would have to pay a $75m (£49.5m) early termination fee if they leave Philips Arena before the 2018-19 season, but Reed is confident that the city will not lose its team.