This sale of NBA team Hawks by Bruce Levenson, its co-owner is going to be viewed positively by the market.
It was in 2004 that Bruce Levenson, Gearon along with other investors purchased the Hawks, as well as NHL’s Atlanta Thrashers along with operating rights to Philips Arena. They had paid $250 million for it. In 2011, they sold the Thrashers. This deal was settled for $170 million. This is when the Thrashers relocated and moved to Winnipeg.
In fact, Ressler was keen to buy the Los Angeles Clippers. He did make an offer a year back. His group was not keen to go as high since Steve Ballmer was asking for $2 billion.
This was when Ressler decided to move quickly once the Junior Bridgeman-Grant Hill group could not complete this process. This was when Hill decided to get involved, and hence he joined the Ressler’s group.
Bruce Levenson (brucelevenson.com) has already announced that he would be selling off his share of Hawks. This will be done in September. There can be many reasons for this.
It was in January that Michael Gearon Jr. announced that he would be selling off his share of the Hawks. He is a significant part of the Hawks ownership group.
Right now Danny Ferry has gone to Duke. Presently he has taken an indefinite leave of absence. He is yet to return to his team, but he would like to retain his job.
The Hawks have already won 60 games which are a franchise-record. They are presently the top seed in East. Still, it is expected that they will lose money in this season. But the local, as well as national TV deals from ESPN, can help the franchise in improving its financial condition. Next are the sponsorship from the Fortune 500 companies in this area.