The widely-tipped NBA prospect was in the mix to purchase his former Australian NBL franchise, which had fallen on hard times.
Ball played last season with the Hawks, under the same Next Stars programme as fellow teenage sensation R.J. Hampton - who was with the New Zealand Breakers.
But now a rival consortium of local and overseas interests - including Bryan Colangelo, a former NBA general manager with the Philadelphia 76ers, and ex-Sydney Kings owner Dorry Kordahi - has won the tender.
And they're going to drop 'Illawarra' from the name - though the Hawks will still play out of Wollongong.
NBL Owner and Executive Chairman Larry Kestelman hailed the new owners as "exciting... for the Hawks" and "further endorsement of the NBL as one of the leading basketball leagues in the world".
Kestelman said there was widespread interest from a number of overseas and local parties.
"We believe this is the best credentialled group to deliver long term success on and off the court for our proud foundation club."
"They have a proven track record in business and basketball to be able to take the Hawks to the next level as the NBL continues on its strong growth trajectory after five consecutive years of record attendances and broadcast audiences as well as increased global recognition.
"And the syndicate is still open to other business people from Australia and overseas to be involved."
Back in April, the NBL revoked the Hawks' licence after the club was placed in voluntary administration.
