The Atlanta Hawks professional basketball team which was initially owned by Bruce Levenson and a group of other businessman including Michael Gearon Jr was recently sold to the highest bidder at an auction. The highest bidder was non other than billionaire Antony Ressler the cofounder of Ares Management. After months of back and forth the deal was finally sealed at $850 million which was slightly less than what was promised to Bruce Levenson when he hired bankers from Inner Circle Sports and Goldman Sachs. They predicted a sales value for both the team and the operating rights of the Philips arena at $1 billion. This might have oversold the team slightly and scared off other potential bidders from entering the race. However the businessman and UCG Founder Bruce Levenson are happy with the way the deal turned out.
Antony Ressler also told the ESPN news that he was excited to be the new steward of the Atlanta Hawks and wishes them the best of luck in the playoffs. The owner of the private equity firm tried to aquired the Los Angeles Clippers last spring however was up against 2 other bidders and lost out on the race. Steve Ballmer won this sale at $2 billion that he submitted. The Atlanta Hawks were only valued at $425 million earlier in the year by Forbes but the sale of both the Bucks and the Clippers restructured the market and pushed the price up.
Bruce’s keen business sense has allowed him to not only excel at his business information company but also set his sights on various philanthropic engagements. He is helping a number of prominent organizations and is one of the founding donors of the U.S. Holocaust Museum in Washington D.C. which opened in 1993. For more info, check out: https://en.wikipedia.org/wiki/Bruce_Levenson