Bruce Levenson and the entire ownership partners of the Atlanta Hawks agreed to sell the franchise to a group led by Anthony Ressler for $850 million, an agreement which was approved by the NBA board of governors. The CEO of Hawks Steve Koonin together with the coach Mike Budenholzer were incorporated as part of the plans in the new ownership. The deal furthermore involved the operating control of Phillips Arena.
This came several months after Bruce Levenson announced his plans to sell his share of the ownership group in the basketball team in 2014. After his announcement, Michael Geargon, who is another significant party of the ownership with Bruce Levenson, together with the remaining minority owners of the club also joined Levenson to sell 100% of the franchise.
Bruce Levenso, the founder of UCG, was a former NBA team owner and an American businessman. He was co-owning Atlanta Hawks LLC which manages the Atlanta Hawks basketball team and the Philips Arena. He used to serve as the governor on the NBA board of governors for Hawks since 2004.Levenson together with Ed Peskowitz were the major partners of Atlanta Hawks LLC who owned the Hawks basketball team and the Philips arena collectively. Levenson was also the team manager and was responsible for hiring Danny Ferry as the general manager for Hawks.
Atlanta hawks is a professional basketball team based in Atlanta, Georgia who plays their home games at Phillips Arena. Bruce Levenson, together with co-owner Michael Geargon and other members bought the Hawks for $250 million in 2004, and therefore made a big profit with the sale. In 2014 Forbes magazine had valued Hawks at $425 million, but its value increased after the sales of the Clippers and Bucks that changed the entire franchise market. The NBA landed lucrative new television deals which resulted to the value of all franchises rising steeply.
Billionaire Antony Ressler, the new owner of the Hawks is alsoowns a private equity and investment firm. He is 55 years old with a net-worthy estimated at $1.4 billion by Forbes magazine. His group of ownership includes former NBA player Grant Hill together with Jesse Itzler who co-founded the Marquis jet. It also includes Sara Blakey who is the wife to Jesse Itzler. Ressler was also among the three finalists in the sale of Los Angeles Clippers though their bid of $1.2 billion fell short of the $2 billion purchase price.
The Atlanta city mayor welcomed the new owner and promised his support to the team, so as to ensure that Hawks remains in Atlanta for more years. The authority want the team to pledge to the city, where they have been based since locating from St. Louis in 1968.