The Atlanta Dream, the W.N.B.A. team whose players revolted against a co-owner, Kelly Loeffler, and campaigned against her in a Georgia Senate race she lost, are being sold to an ownership group led by two real estate executives and a former star player for the team.

Larry Gottesdiener, the chairman of the real estate equity firm Northland; Suzanne Abair, the firm’s chief operating officer; and the former W.N.B.A. star Renee Montgomery are the leading figures in the new ownership group.

The team had long been on the market, but talks to sell ramped up in recent months. The Dream had been in the spotlight over the past year after its players, most of whom are Black, publicly denounced Loeffler, a Republican, for attacking the Black Lives Matter movement. The players’ union called for Loeffler’s ouster, and players across the league campaigned for the Rev. Raphael Warnock, a Democrat who was running for her Senate seat.

Their efforts — including wearing “Vote Warnock” shirts before games — were seen as helping Warnock become the leading Democrat in the multicandidate race. When Warnock beat Loeffler in a runoff election last month, he became the first Black Democrat elected to the Senate from the South, and his victory helped Democrats secure control of the Senate.

Gottesdiener, who will be the majority owner of the Dream, hailed the players’ activism.

“I think the Dream has always been an Atlanta asset, but they really solidified their place in the city, in the community and in history last year,” Gottesdiener told reporters on a conference call Friday afternoon. “That’s why I said this team, in this city, in this time. The women of the Dream showed incredible character last year. They were brave in speaking out for what they believed in and we want to solidify that connection.”

The clash between Loeffler and her team’s players came after she criticized the W.N.B.A. for dedicating last year’s season to social justice. Despite the blowback, Loeffler repeatedly said that she would not sell her stake in the team. She attributed the criticism of her to “cancel culture,” though her efforts to sell the franchise were essentially an open secret.

Commissioner Cathy Engelbert said over the summer that the league would not force Loeffler to sell her stake, but also said that her comments did not align with the league’s progressive values.

On Friday, Engelbert said that the sale marked “a new beginning for the Atlanta Dream organization.” She also said that in her conversations with Gottesdiener and Abair, they discussed “what this league represents, the importance of having an ownership group who carries the values of the W and what we stand for.”

“I was pleased with what I heard from them,” Engelbert said.

The group declined to release terms of the sale or the ownership breakdown, other than Gottesdiener’s majority stake.

Terri Jackson, the executive director of the players’ union, also released a statement lauding the sale. “May it send a strong reminder that the players of the W are bigger than basketball, and that together they stand for equity, justice, diversity, inclusion, fairness and respect,” she said.

Gottesdiener, who had previously been linked to trying to bring an N.H.L. team to Hartford, Conn., more than a decade ago, cited the team’s activism as a draw for him to invest. He said that he first looked at purchasing a W.N.B.A. team in 2002. He has also frequently written checks to Democratic politicians.

“The players of the Dream refused to just shut up and dribble,” he said. “They found their collective voice and the world listened. We are inspired by these brave women.”

Mary Brock, who had owned a majority of the team since 2011, stayed silent about Loeffler’s Black Lives Matter comments and the backlash from players over the summer. In January, LeBron James, the N.B.A. star, suggested that he might put together an ownership group for the team. Other athletes, like the former N.B.A. star Baron Davis and Los Angeles Dodgers outfielder Mookie Betts, had also been linked to sale talks.

For Montgomery, a former Dream star who opted out of the 2019-20 season to focus on social justice efforts and recently announced her retirement, this is a homecoming. She said she still felt as if she had the ability to take the court in the W.N.B.A., but had opted instead to become the first former W.N.B.A. player to take an ownership stake in a W.N.B.A. team.

“Larry and Suzanne have just been incredible already making it known how they feel,” Montgomery said. “He’s already mentioned women empowerment, social justice. I’m like, ‘Oh my god, that’s my life!’”

Montgomery, who is also a studio analyst for Atlanta Hawks games on behalf of Fox Sports, described her role as one of a community ambassador and as someone who would be involved in the marketing of the Dream, both in promoting the team in Atlanta and in luring prospective free agents.

“It’s hard to turn down coming to the Dream,” Montgomery said. “That’s my goal.”

Loeffler’s relationship with the team she owned was not always so contentious. A high school basketball player, she would sit courtside at games and invite players to her home. She may have had different politics than many of the players — though she had donated to Democrats in the past — but the team still did things like celebrate L.G.B.T.Q. Pride nights and honor Stacey Abrams, the former Democratic candidate for governor.

“I thought the Dream was so cool,” one of the team’s former players, Layshia Clarendon, told ESPN. “That’s the first team I played for that was that liberal.”

But the relationship changed in 2019, when Gov. Brian Kemp appointed Loeffler to the Senate seat vacated by Johnny Isakson, who retired. She called herself the most conservative member of the Senate and sought to tie herself to former President Donald J. Trump, adopting and mimicking much of his incendiary language.

In response, the Dream’s players refused to say her name and helped raise money for Warnock, who was polling only in the high single digits when Dream players began campaigning for him.

Loeffler, who lost to Warnock by two percentage points in the runoff, said this week that she was considering running for the seat again in 2022, when Isakson’s original term expires.

While the sale price of the Dream was not disclosed, financial advisers in the sports industry say that W.N.B.A. teams typically sell for single-digit or low double-digit millions, a far cry from the $1.66 billion that the Utah Jazz of the N.B.A. were valued at in a recent sale. Most W.N.B.A. teams also lose money, a shortfall that must be covered annually by their owners.

In addition, because of the pandemic, the W.N.B.A., like many other sports leagues, lost a significant chunk of revenue as a result of shortened seasons and not having fans at games.

“I think if you’re buying a sports team this year, it can be a little bit of a challenge, but you really have to look through the pandemic and beyond the pandemic,” Gottesdiener said. “Our business philosophy is long term. We’re thinking out decades and generations instead of this year. We know that this is going to be a tough year financially.”

But there is some reason to believe the W.N.B.A.’s fortunes are trending upward. The Dream are the third W.N.B.A. team to be sold in the last two years, joining the New York Liberty and the Las Vegas Aces, bringing the hope that more committed and deep-pocketed investors will push the league forward.

Television ratings for the W.N.B.A. finals in 2020 were up 15 percent, while ratings for the regular season were down just 16 percent, in a year when most other leagues saw much bigger drops.