Category: American Billionaire

The Hawks Over Sold

Once again a NBA franchise has been sold and not to a majority minority owner. The former owner Bruce Levenson agreed to a $850 million deal to sell the underachieving basketball team and all of its shares. A report on USA Today states that the team was sold to billionaire Antony Ressler and a team that includes former NBA superstar Grant Hill. this seems like a likely match with Grant Hill on the team because just as his career has been one of underachieving, maybe he can turn the tables on a struggling franchise that has yet to win a NBA championship. The real winner is Bruce Levenson, in 2001 he brought the Atlanta Hawks and the NHL Atlanta Thrashers and the rights to operate at Phillips Arena for $250 million. In 2004 he sold the Trashers to Winnipeg for $170 million. This makes a total of $1,020,000,000 profit from just the sell of the two franchises. The extremely high sales price of the Atlanta Hawks expresses the faith in the value of NBA franchises and the future of the league. Owners feel as though the next ten years in the business will be the best ten years ever in NBA history. An article in Forbes Magazine shows a report from the bankers of the Bruce Levenson sales team stating that the team was under priced. The bankers valued the franchise and its operating rights at the Phillips Arena to be and excess of $1 billion. This is not far fetched being as though the luxury cap in the NBA will rise in the next couple years and the amount of money dumped into teams will raise at least 10%. Bruce Levenson came out to be the genius in the group appraising the team at $850 million and he got exactly what he asked for. Bruce Levenson’s wife is the owner of SPANX. He is the co founder of UCG the United Communications Group, known as a businessman and a philanthropist. He is also the owner of the Atlanta Spirit which is not included in the sale of the Hawks.