The Grant Hill and Junior Bridgeman-led group that had interest in buying the Atlanta Hawks has dropped out of the bidding process for the team, two people familiar with the process told USA TODAY Sports.

The Grant Hill and Junior Bridgeman-led group that had interest in buying the Atlanta Hawks has dropped out of the bidding process for the team, two people familiar with the process told USA TODAY Sports.

They requested anonymity because they were not authorized to speak publicly about the negotiations.

Two frontrunners to buy the Hawks have emerged, according to the two people: a group led by Steve Kaplan, founder of Oaktree investment fir and a group led by Lions Gate Entertainment chairman Mark Rachesky, who is also the head of multi-billion dollar investment firm MHR Fund Management.

Bruce Levenson, one part of the Hawks ownership group, announced he would sell his share of team in September – the fallout from the release of racially insensitive e-mails written by Levenson and made public following the racially insensitive comments Hawks general manager Danny Ferry made out Luol Deng during free agency discussions.

In January, Michael Gearon Jr., the other significant portion of the Hawks ownership group, announced he would sell his share of the team so that 100% of the team will go to new ownership.

Following the sale for the Los Angeles Clippers for a record $2 billion, the Hawks owners will cash in. They bought the Hawks for just more than $200 million in 2004 and could sell the team for close to $1 billion, though the $700-$800 seems more plausible. In Forbes' latest NBA valuations, the magazine valued the Hawks at $825 million.