Atlanta Hawks LLC was formed in 2004 with an intention of purchasing the Atlanta Hawks from Turner Broadcasting. Levenson and Ed Peskowitz are the largest shareholders of Atlanta Hawks LLC, an association of investors who own the Phillips Arena and Atlanta Hawks professional basketball team. The sale was inclusive of the Atlanta Thrashers, but it was later sold in 2011. Bruce Levenson is the member of the NBA Board of Governors and also the team’s managing associate.
In 2014, Levenson declared his plans to sell his shares of the group. This came after self-reporting an email that was sent in August 2012 explaining the Hawks African-American fan base. Levenson considered harmonizing the transaction of the team through an investment banking firm.
The plan to sell the Atlanta Hawks was off by 27% according to the bankers that Bruce Levenson hired. In October, Mr. Levenson hired Inner Circle Sports and Goldman Sachs to sell the Hawks and its operating rights to Philips Arena. Goldman Sachs assured Levenson that both the team and the arena’s operating rights could go for at least $1 billion. Recently, Bloomberg announced that Tony Ressler had won the competitive sale with a $730 million bid.
Atlanta Hawks ownership is in the process of finalizing the sale of the team to the billionaire equity and investment fund manager, Antony Ressler. Ressler’s group will be the ones purchasing the team from Bruce Levenson, Michael Gearon Jr., and other entrepreneurs for $850 million. The group comprises the co-founder of Marquis Jet, Jesse Itzler, and former NBA player Grant Hill who asked for obscurity since they were not allowed to disclose any information until the sale is complete. The purchasing group also includes Clayton Dubilier & Rice Partner Rick Schnall, entrepreneur Jesse Itzler and his wife Sara Blakely, the owner of Spanx. Yahoo! Sports recently stated that a deal between the Hawks and Ressler’s group was close.
The value of all franchises has escalated with the NBA landing on profitable new television deals.
There is an enormous possibility that Commissioner Adam Silver could relinquish the Larry O’Brien trophy to the current ownership if the Hawks win the NBA championship. An individual who was following up with the event said, “It’s amazing how long this has taken.”