"Los Angeles businessman Alex Meruelo has reached an agreement to buy a majority ownership stake in the Atlanta Hawks, he told The Atlanta Journal-Constitution in an exclusive weekend interview.

The Hawks, who will remain in Atlanta, are planning an announcement of the sale for Monday.

Meruelo said he and the Hawks' current owner, the Atlanta Spirit Group, have a signed agreement, which also includes the operating rights to Philips Arena. The deal is subject to the approval of the NBA Board of Governors –- a complicated process that could take months.

Meruelo, 48, is the founder and chairman of The Meruelo Group, a holding company that owns businesses ranging from pizza restaurants and construction firms to a casino and a TV station.

If the Hawks deal is approved and closes, Meruelo -– a New York-born, California-raised son of Cuban immigrants -- said he would become the first Hispanic primary owner of an NBA franchise.

Meruelo (pronounced mur-rell-o) said some members of the Spirit group will maintain minority ownership positions but that he will own more than 50 percent and control ownership decisions. He would not be more specific about the size of his stake and would not divulge the price he has agreed to pay for it.

But he said, "I will be in complete control of the team."

The team's current ownership group declined to discuss the sale agreement Sunday. Bruce Levenson, the lead owner in the negotiations with Meruelo, said in an email to the AJC: "This is Alex's time, and as such I won't be commenting."

Although his primary residence and business will remain in Southern California, Meruelo said he plans to spend a lot of time in Atlanta and to buy a home here."