Bruce Levenson is the co-owner owner of the great NBA team Atlanta Hawks. He and his co-owners have resolved to sell the team to any party that can meet their requirements in terms of finance. Levesken and associates hired bankers to sell the team off by 27%. Levensen hired Goldman Sachs and Inner circle sports to represent him in sale. The Bankers set a deadline for the submission of bids to be April 10. However, this date can be reviewed with time considering the fact that there are many bids that have offered and are under observation and consideration.
One group that is expected to be successful in their bid is the Philips Arena. This is after Goldman Sachs convinced Levinson that the sale of the team operating lights to Philips Arena could be beneficial and could yield up to 1 billion dollars.
Another group that has its heads high and hopes of getting its hands on the successful Nba team ownership is one that is led by Lionsgate Entertainment’s Mark Rachesky. He is joined another associate, Steve Starker, who is a New York Investment Banker. Steve has been doing consulting work with Jese Itzler, a close associate of the group, and this is expected to be a great boost to the group in its quest to own the NBA team.
The highly anticipated sale of Atlanta Hawks and the Philips Arena is likely to be effected to the billionaire equity and investment fund manager Antony Ressel according to people who are knowledgeable about the process but sought anonymity. This is despite the fact that the bidding window is still open. Antony Ressel gave an offer of $850 million which was made possible by his group that includes former NBA players Grant Hill and Jesse Itzler, who is also the co-founder of Marquis Jet. Negotiation on the offer were done and the current management agreed to sell the team off to Antony Ressel with a bid of $730 million.
The announcement was made on Wednesday evening. The sale was facilitated by Foley and Lardner sports attorney Irwin Raij and process approved by NBA. The management expressed their excitement about the sale and wished the Hawks success and luck in their playoffs.
Time’s Levenson and associates who had purchased the Hawks in 2004 also had in their possession and management the NHL Atlanta Thrashers and its operating rights from the Philips Arena for $250 million. Later they sold the Thrashers in 2011 for $170 million
This sale was not a bad one according to CNBC, who had predicted earlier that the sale could be between $900 million to $1 billion. Forbes had valued the Hawks at around $425 million last year, but the sales of Clippers and Bucks changed the market. This follows the value of franchise skyrocketing because NBA landed a lucrative television deal.
It is a big sale for Levenson and a big profit too. The Hawks are no. 1 after winning 60 East conference games but were 17thin attendance per game. The new management is expected to continue producing good results and improve on match attendance through publicising the Hawks and its matches.