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.
Bruce Levenson and his wife Karen have founded several initiatives in the education sector targeting disadvantaged youths. Many of the organization are still in existence today and continue to offer the youths numerous opportunities. Examples of such initiatives include peace players, the school and a have a dream. Besides, bring the lesson home US Holocaust program is his initiative. Unlike the initiatives started by Mr. Levenson and his wife a lot of other efforts by passionate and committed leaders intending to do good have fallen. Mainly this fall is attributed to lack of professional management. Using his extensive skills in management, Mr. Levenson started the center for philanthropy and nonprofit management. The center location is at the University of Maryland. The center empowers and educates young generation to be nonprofit leaders. It also impacts the students with the knowledge required for a strong head of nonprofit-making institutions in the future. The University of Maryland graduates are privileged to learn to informed and motivated philanthropists fro the center.
The center currently provides undergraduate and graduate courses that mainly focus on philanthropy and nonprofit management. Several prominent philanthropists receive invitations as guest lecturers for students. The program has several courses that allow nonprofits to submit grant requests every semester. The proposals get accepted, and several nonprofits organizations receive up to 10000 dollars from each class. The class has awarded $40000 every year since its inception in 2012. Several nonprofits in Washington dc usually absorb many students in their organizations. They include the Smithsonian and Marriott foundations. Several lucky students go to overseas countries like India, Jordan, and Israel. This initiative helps them to improve their skills to work by working for local NGOs. Students live together in a particular dorm that accommodates up to sixty students. This opportunity that new students can also apply creates an environment where students focus mainly on philanthropy and nonprofit management. The program has plans to expand to China by the year 2016.
Focusing on the business sector, Mr. Levenson owns several firms in the sports and IT industry. He is best known by co-founding the United Communication Group (UCG) .the Company started in 1977 when he and Mr. ED Peskowitz founded the idea in Levenson room. The company has won several award journalism awards for editorial excellence since it won its first award in 1978. A decade ago, UGC was among the first company in delivering information in an online platform. Currently, the company has over 10000 employees and 46milion customers worldwide. In 2004, Levenson implemented his longtime dream by owning two major professional sports teams The Atlanta Thrashers and the Atlanta Hawks. He sold the Atlanta Thrashers in 2010 together with his partners. He serves on the NBA board of governors where he represents the Atlanta Hawks. He is also the board of trustee chair for the Hawks management. In his leadership, The Hawks have excellently performed in NBA. They are the only team to reach NBA playoffs in the last seven seasons consecutively.