Bruce Levenson And The Process Of Selling Atlanta Hawks

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.

https://en.wikipedia.org/wiki/Bruce_Levenson

 

Bruce Levenson: A Look Beyond The Former NBA Franchise Owner

According to Wikipedia.org, Bruce Levenson is most-known for his time as owner of the NBA’s Atlanta Hawks, the franchise he owned from 2004 to early 2015. Levenson sold the Hawks for quite a price, potentially even overselling them by millions. But he also hasn’t quite ended his chapter in Atlanta, he’s now filing a lawsuit along with Atlanta Hawks Basketball & Entertainment (AHBE) against their former insurance company for not honoring a claim filed for paying out former General Manager Danny Ferry’s contract. This court battle could prove to be long Time and contentious, with AHBE looking to prove that the claim they filed was well within their policy rights.

Bruce Levenson’s career (http://brucelevenson.com/) began long before he purchased the Atlanta Hawks when he founded his major media corporation, United Communications Group (UCG). Levenson had previously gotten his bachelor’s degree in journalism, and was attending law school when he started working at the Washington Star. He soon decided to start his own news publication, and began with Oil Express in 1977. He and his friend, Ed Peskowitz started building their operations, and soon they had acquired even more newsletters. UCG became a large source for journals covering various industries such as banking, healthcare, energy and education. They also founded GasBuddy, an app that helps drivers find lower gas prices in their area.

Levenson has also started up non-profit organizations and given back to his communities. He has contributed to and gotten actively involved with the Holocaust Memorial Museum, an endeavor that’s important to him because of his Jewish background and because his mother-in-law is a survivor of the event. He’s helped start the “Bringing the Lessons Home” program for young people to learn more about the event and teach others. Levenson also helped start the University of Maryland’s Center for Philanthropy and Non-Profit Leadership to encourage more giving among young entrepreneurs.