ATLANTA — Michael Gearon Jr. says he’s not putting a timetable on a search for investors that could determine if the Thrashers remain in Atlanta.

Earlier in the week he said there was a “sense of urgency” in the search.

“I want to be clear, my public comments are not intended to appear as if we’re hitting the panic button, because we’re not,” Gearon told The Associated Press Friday.

Gearon and his partners say they have lost more than $130 million since 2005. He said this week the owners could not suffer another $20 million in losses.

He told the Atlanta Journal-Constitution the team could be sold and moved to another city unless new investors are found to keep the team in Atlanta.

Gearon and Bruce Levenson are lead owners in the group that also owns the NBA’s Atlanta Hawks and operating rights to Philips Arena. Both said Friday they hope to find a new majority owner for the Thrashers and that they would be willing to remain in a support role.

When asked if his comments were intended to be a warning for Atlanta fans and potential investors to take action, Gearon said “I hate to say a warning. ... I’m not even thinking panic.”

But Gearon said the financial drain can’t continue indefinitely.

“I would love to think I’m Fort Knox and have a money tree, but over seven years we have put close to $150 million in the teams and it’s very difficult and very rare to have individuals own multiple sports teams,” he said.

“Long-term we need help. We need investors.”

When asked when he might give up on finding a new ownership for the Thrashers to remain in Atlanta and open his search to those wishing to move the team, Gearon said “That’s a Gary Bettman question.”

Bettman, the NHL commissioner, has said the league wants the team to remain in Atlanta.

Bettman said Thursday “there are no plans to do anything” with the Thrashers. But Bettman said any problems with the Thrashers “ultimately will have to be dealt with.”