In April of 2015, Bruce Levenson hired bankers to sell the NBA team, the Atlanta Hawks because they were off by 27% for the price they can get. Back in October 2014, Mr. Levenson hired Goldman Sachs and Inner Circle Sports and operating rights to Philips Arena. He was convinced by one of his employees that it could get at the very least $1 billion for the team and the arena’s operating rights. Bloomberg is responsible for telling the story that an entourage led by Ares Management co-founder Tony Ressler won the auction set with a bid of $730 million dollars. Many people did not believe $1 billion was sensible. In January, three experts told CNBC that the Hawks would be sold for anywhere between $900 million and $1 billion and Mr. Bruce Levenson valued the team at $825 million. Andrew Zimbalist from Smith College, predicted a price range from $700 million to $750 million. The chances of Mr. Bruce Levenson on time getting a big profit is very high but due to overselling the bankers dissuaded other bidders and led to having some money left over.
The team’s CEO Steve Koonin and coach Mike Budenholzer will take part in the long terms plans of the new ownership on espn.go.com. Just before the Hawk’s game 2 of the first round, Mr. Budenholzer admitted that he was aware of the sales reports but was too focused on basketball. The purchasing group is not only led by Tony Ressler but it also includes Grant Hill, Clayton Dubilier, Rick Schnall, Sara Blakely, and Jesse Itzler. The sales process began in September and may continue until June. The Hawks is considered one of the best teams in the Eastern Conference and they could have a longer playoff than expected. If the team wins the NBA Championship, then Larry O’Brien will receive the trophy and be the new owner of the Hawks.