Bruce Levenson and his partner Ed Peskowitz who are the majority share holders in the Atlanta Hawks NBA Basketball team recently hired bankers in order to sell off the NBA Team. Bruce and his partner hired Inner Circle Sports and Goldman Sachs in order to sell the team as well as the operating rights to the Philips Arena. Goldman Sachs believed that they could get Bruce Levenson at least $1 billion for both the team and the operating rights but this was not the case as of yesterday the billionaire Tony Ressler won the auction bid when he offered $730 million.
Many people believed that the team was at least worth $1 billion which seemed very realistic at the time. On CNBC, 3 experts told the listeners that they believed the team would sell anywhere between $900 and $1 billion. Forbes estimated that it would only be $825 million back in January but it was the economist Andrew Zimbalist who works for Smith College was the guy with the right estimate. He estimated the sale at $700 million to $750 million.
Although Bruce Levenson will earn a very good profit from the completed sale, experts believe that the bankers may have lost him some money when they oversold the deal. This might have discouraged other bidders from entering the race and could have allowed the earnings for bruce Levenson to be even higher, but all this is just speculation. Bruce Levenson originally aquired the Atlanta Hawks in 2004 together with a group of businessman, however Ed Peskowitz and Bruce Levenson were the majority owners. This purchase was made from Turner Broadcasting. When the original purchase was made it also included the Atlanta Thrashers NHL team but they were later sold off in 2011. For more information visit Levenson’s Wikipedia page and website at brucelevenson.com.