The NBA competition attracts huge following from fans and fanatics across the globe. Owners accumulate immense profits by the revenue they get from ticket sale and Television viewership. The success achieved by these teams in the past few years has attracted top-notch investors. The year 2015 has experienced rapid increase of the value of NBA teams at an astonishing rate. Currently, the average value of a NBA team is $1.1 billion, while last year value was $634 million. The worth of a single team has increased by 74%. This statistics indicates to be a NBA team owner you must be a billionaire.
Both Mary Lasry acquired Milwaukee Bucks at $550 million since the team was struggling. Steve Ballmer purchased Los Angeles Clippers at a record $2 billion. The sale of these teams revolutionized the market, and price of all the teams is on an upward trend. The NBA league has landed new television agreement and deals.
A group led by Antony Ressler, billionaire equity and investment manager won the rights to operate the Atlanta Hawks team at $730 million bid. The group comprised of Grant Hill, former NBA player and Jesse Itzler, the co-founder of Marquis Jet. Despite Hawks having an impressive record last season, they were lagging behind in terms of attendance per game. The team stands to lose money this season but they are still hopeful the new local and national TV deals will boost its finances. The owners plans to draw attention of investors from the Fortune 500 companies.
Ownership of NBA teams are counted as assets and many owners have become billionaires. Leslie Alexander who owns Houston Rockets and Jerry Reinsdorf, the owner of Chicago Bulls are two proud billionaires. Majority of these super rich club owners have other side businesses and investments. For example, Paul Allen who owns Trail Blazers is worth $17 billion and he is also the owner of NFL’s Seattle Seahawks. The richest club owner is Ballmer is valued over $22 billion and is the 32nd richest person in the entire globe.
Bruce Levenson is a skilled and versatile businessperson. He co-owned Atlanta Hawks LLC, which owned rights to manage Atlanta Hawks basketball team. He is the CEO and President of United Communications Group(UCG). He graduated with a Bachelor of Arts degree from Washington University in St. Louis. Endowed with ability to balance both academics and work, was employed at Washington Star as journalist and pursued law degree at American University law school. Levenson together with his business partner cum friend founded United Communications Group in 1977. The company was started in Levenson’s apartment in Gaithersburg, Maryland.
He is an active philanthropist; he is member of various community organizations that offer humanitarian assistance to its residence. He supports needy children to realize their higher education dream hence served as Washington Chapter of I Have a Dream Foundation president. Mr. Levenson’s family is of Jewish origin, he was born in Washington, D.C and brought up in Chevy Chase, Maryland. When not in office making deals, he will be playing golf or basketball. He loves having a quality time with his grandchildren and adventuring with his wife.