Bruce Levenson And The Road To Success
The bankers that were commissioned by Bruce Levenson to sell off the Atlanta Hawks, which were formerly known as the Atlanta Spirit promised the investors $1 billion but fell short when the deal was recently closed at $850 million. An offer that according to PR News, was brought to the table by Antony Russler and a group of prominent co investors. The sale had been going on for several months and was finally closed with the help of attorney Irwin Raij who works for Foley & Lardner. Irwin Raij facilitated the sale and believed that the sale price was very strong and showed the value of basketball as a product.
Antony Ressler and his co investors had been in the market for a professional basketball team now for several months and made an offer for the Los Angeles Clippers at $1.2 billion but was out bid by Steve Ballmer who offered $2 billion. Both the LA Clippers and the Bucks had been sold off in recent months and have therefore effected the price and market in general.
When Bruce Levenson originally bought the Atlanta Hawks he paid a small $250 million for 2 teams as well as the operating rights to the Phillips Arena which is the home of the Atlanta Hawks. The other team that came along with this purchase was the Atlanta Thrashers who were a national hockey league team. This team was however sold off fairly quickly and relocated to Winnipeg. The sale price for the team was a mere $170 million, according to Time.com.
This shows the profit (http://www.forbes.com/sites/mikeozanian/2015/04/23/bankers-for-levenson-oversold-atlanta-hawks-by-27/) that was generated with the sale of the Atlanta Hawks as well as the operating rights to the Arena. The sales price was extremely strong and provides an insight as to what the sport can generate.