Bruce Levenson is the former NBA team owner that is now dipped in the world of basketball since he co-founded the Atlanta Hawks LLC (Formerly named Atlanta Spirit LLC), the group that owns the team Atlanta Hawks and the Phillips Arena.
Bruce was planning to sell the team and arena, and many interested buyers rose from the world of investors to try and get their hands in the successful team.
The man hired two bankers to sell the Atlanta Hawks. The managers Goldman Sachs and Inner Circle Sports were off by 27% when recruited by the founder of the Hawks. Not only is the whole team being sold, but also the Phillips Arena, where many important games have taken place in the history of Sports.
The average profit that Bruce is expected to get from selling the two ownerships? About $1 billion, according to Goldman Sachs. Investors and bankers mentioned that the value was unrealistic though and that they were overpricing the deal. There were rumors that it would be sold for not more than $900 million, but others were ever harsher, stating that $700 million was the average price that Bruce (brucelevenson.com) would be able to gather for the team and the arena.
The bidding phase for both continued for months, having a deadline of April 10, 2015, for any interested investor to make their final bid. Even though the group has signed agreements to not publically state the names of the finalists of the bidding period, some researchers started making their educated guesses on the likely people that would win the deal.
The first finalist that made for the best guesses were a group led by Grizzlies, owned by Steve Kaplan and joined by some billionaire names like Erick Thohir and Handy Poernomo. The other was the group Lionsgate Entertainment through the leadership of Mark Rachesky.
Some meetings took place for the owners of Hawks and the interested buyers to gather and discuss the sales process along with the two hired bankers. Although many news channels including ESPN speculated on the possible finalists, the result surprised most of them when the public statement of Bruce Levenson went live.
The businessman was proud to announce that the Atlanta Hawks and the Phillips Arena were being sold to the Antony Ressler-Grant Hill group. The selling process will end with the final bid of the group of $850 million, a lot smaller than the guessed value, but it’s still a larger amount than what some specialists were deducting would be the final selling price.