Bruce Levenson’s Role In Sports Ownership
Antony Ressler is working in conjunction with the ownership group for the Atlanta Hawks regarding the sale of this team. Ressler is best known as an investor with access to equity in the billions.
The group Ressler is working with includes Grant Hill, a previous player with the NBA and Jesse Itzler. They are purchasing the Hawks from Bruce Levenson and other assorted investors for a total of $850 million dollars according to Forbes.com. The owners are expected to give their approval to the team’s sale.
Ressler made a statement saying becoming the Hawk’s new stewards is both an honor and absolutely thrilling. He fully respects the process the NBA goes through and is sending plenty of luck to the Hawk’s for the playoffs. The amount the team is selling for is said to be a very strong number in regards to the current market.
The NBA has an extremely strong product in todays market and are a reflection of what the market may become in the future. Bruce Levenson along with other individuals purchased not only the Hawks, but the Atlanta Thrashers of the NHL and the rights to use Philips Arena for a total of $250 million back in 2004. They then sold the Thrashers in 2011 for $170 million.
Ressler was interested in purchasing the Clippers from Los Angeles previously but Steve Ballmer’s price of $2 billion dollars was more than his team was willing to pay. Ressler also has a small ownership in the Brewers from Milwaukee. Hill decided he wanted to be a part of Ressler’s group and did join. It is believed Hill will also have a very small stake in the ownership but according to the NBA’s new rules it must be a minimum of one per cent.