The sale of the Atlanta Hawks by the consortium that has been in control of the franchise since 2004 has reported a large profit as the business of the NBA looks to billionaire owners. The Hawks are one of the most historic franchises in the NBA and have recently been on an upward trajectory after Maryland based businessperson Bruce Levenson on time.com took control of the team and made many important business decisions for the team. The arrival of billionaire businessperson Tony Ressler as the hawks new owner sees the work of Bruce Levenson being remembered and the change in ownership highlighted in Atlanta, Georgia.
The business side of the life of Bruce Levenson has seen success follow success, which all began with the establishment of an oil industry newsletter in a spare room. The Oil Express newsletter Levenson co-founded in the 1970s led to a newsletter empire being established, which has morphed over the years to include real time analytics and offshoots formed from the technology being produced for the parent UCG company. Levenson has seen the Atlanta Hawks sell for a reported $830 million after the sale of the Atlanta Thrashers was completed earlier for around $170 million. This follows the purchase of the two franchises in 2004 by Levenson’s consortium for just $250 million.
One area the sale of the Hawks has highlighted is the change in ownership trends that has been seen in recent years. The Atlanta Spirit consortium Levenson headed will be one of the last to see owners who are not billionaires have the ability to purchase an NBA franchise. Levenson and his consortium have spent a large amount of time and effort looking to turn around the goals of the Hawks and the performance of the team on the court, which saw them turn the Hawks into a contender for a second NBA Championship.
After turning the franchise into a contender Bruce Levenson headed the decision to sell the franchise to the highest bidder, which in this case turned out to be Tony Ressler. The arrival of billionaire owners has made it more difficult for those who have a variety of interests to care for to turn a franchiose into a major sports team. Levenson spends a large amount of his time looking after his business interests and plays a key role in many community based programs along the easty coast of the US. As the NBA replicates the soccer leagues of Europe with more billionaire owners looking to create sporting dynasties, the community based work of Bruce Levenson will become an even more important aspect of NBA life.