Antony Ressler, an entrepreneur, has reportedly agreed to buying the Atlanta Hawks basketball team for a price understood to be in the regions of $850 million. The sale is expected to be completed via cash as well as assumption of debt that the current owners had accrued according to sources. Steve Koonin, the CEO of Hawks and the coach Mike Budenholzer are also expected to remain part of the plans of the new ownership group that are long-term. The Coach confirmed that he was aware of the happenings but his focus remained on the Hawk’s Game 2 of its first round series pitting them against Brooklyn Nets.
He is also into real estate as a developer and had during last spring reached among the three finalists of Los Angeles Clippers when the latter was being sold. Their bid as a group of $1.2 billion was below the purchase price that was submitted by Steve Ballmer of $2 billion. Ressler, who is 55 years old was estimated by Forbes to having a net worth of $1.4 billion and he was part of the Mark Attanasio-led investment group that had in 2005 bought Milwaukee Brewers.
Hawks was valued at $425 million by Forbes last year but there were some changes to the market owing to the sales of Bucks and Clippers. This together with the landing of new lucrative television deals by the NBA made the values of the franchises to skyrocket. The Ressler-led group purchasing Hawks also includes Grant Hill (an NBA All-star), Rick Schnall (Clayton Dubilier & Rice partner), Sara Blakely (Spanx owner) together with her entrepreneur husband Jesse Itzler. The Hawks was put up for sale back in January.
About Bruce Levenson
Bruce Levenson is the Partner and co-founder at the United Communications Group (UCG). Levenson also owns the Atlanta Spirit, LLC. He co-founded ICG with Ed Peskowitz in 1977 and 27 years later he continues to drive on the company’s strategies in business. He also plays a chief role when it comes to the acquisition efforts of the firm. Before co-founding ICG, Levenson used to write for the Observer Publishing and the Washington Post. He also used to be one of the Directors at TechTarget.com. He has also served in the Board of Directors of the Electronic Publishers Association and the Newsletter. Levenson has also been the President of the Washington-based “I Have a Dream Foundation” and he is also involved in several other philanthropic efforts. He holds a Bachelor of Arts degree from the Washington University and also a Law Degree from the American University based in Washington DC.