Dec. 9 (Bloomberg) -- A Time Warner Inc. unit must pay $281 million in damages to a Texas businessman for reneging on an oral agreement to sell him two professional sports teams, a Georgia jury ruled.
Jurors in Atlanta found today that Turner Broadcasting System improperly canceled a 2003 accord to sell the National Basketball Association's Atlanta Hawks and the National Hockey League's Atlanta Thrashers to David McDavid, a former Dallas car dealer. The teams wound up in the hands of an Atlanta-based group of investors that included the son and son-in-law of TBS's billionaire founder, Ted Turner.
"It wasn't about the money, it was the principle," McDavid, 66, said in an interview following the verdict. "This jury proved it was not the world according to Turner."
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