"Los Angeles businessman Alex Meruelo's deal to buy the Hawks is off.

The agreement between Meruelo and Atlanta Spirit Group, signed in August and contingent on NBA approval, was mutually terminated Friday after Meruelo would not meet economic conditions placed on the deal by the league.

The termination of the agreement means Atlanta Spirit — a group led by Bruce Levenson, Ed Peskowitz and Michael Gearon Jr. — will remain the Hawks' owner. In fact, the group says it now plans to take the for-sale sign off the franchise and continue to own it indefinitely.

"The Atlanta Hawks are no longer for sale," Levenson said in a statement. "We're excited to remain as owners of the Hawks and are committed to building on our string of four straight playoff appearances."

Meruelo announced Aug. 8 what he called a "definitive" agreement to buy a majority stake in the team, subject to approval by the NBA Board of Governors. The approval process bogged down in the past month, as previously reported by The Atlanta Journal-Constitution, because the league required additional funding from Meruelo that was not contemplated in his original deal."