Bruce Levenson’s Role In Sports Ownership

Antony Ressler is working in conjunction with the ownership group for the Atlanta Hawks regarding the sale of this team. Ressler is best known as an investor with access to equity in the billions.

The group Ressler is working with includes Grant Hill, a previous player with the NBA and Jesse Itzler. They are purchasing the Hawks from Bruce Levenson and other assorted investors for a total of $850 million dollars. The owners are expected to give their approval to the team’s sale.

Ressler made a statement saying becoming the Hawk’s new stewards is both an honor and absolutely thrilling. He fully respects the process the NBA goes through and is sending plenty of luck to the Hawk’s for the playoffs. The amount the team is selling for is said to be a very strong number in regards to the current market.

The NBA has an extremely strong product in todays market and are a reflection of what the market may become in the future. Levenson along with other individuals purchased not only the Hawks, but the Atlanta Thrashers of the NHL and the rights to use Philips Arena for a total of $250 million back in 2004. They then sold the Thrashers in 2011 for $170 million.

Ressler was interested in purchasing the Clippers from Los Angeles previously but Steve Ballmer’s price of $2 billion dollars was more than his team was willing to pay. Ressler also has a small ownership in the Brewers from Milwaukee. Hill decided he wanted to be a part of Ressler’s group and did join. It is believed Hill will also have a very small stake in the ownership but according to the NBA’s new rules it must be a minimum of one per cent.

For more details on Mr. Levenson’s career and work, visit his personal website at brucelevenson.com and Wiki page.

Former Hawks Ownership Files Lawsuit Seeking Compensation From AIG After Settlement

The current owners of the Atlanta Hawks are offering no opinion on the lawsuit recently filed by the former ownership of the NBA franchise. Atlanta Hawks Basketball and Entertainment LLC (AHBE) filed the lawsuit against New Hampshire Insurance Company/AIG over a settlement made to Danny Ferry, the former general manager. The current owners and their team are not involved in the suit in any way.
The civil lawsuit is claiming breach of contract and bad faith. AHBE believes their policy coverage should have provided protection and paid for covered losses in the settlement with Ferry. AIG reportedly refused to participate in the defense during the case and refused to pay the claim. The insurance company has so far made no comment on the lawsuit or the case. In addition to covering the settlement amount, AHBE is also requesting AIG pay an additional 50 percent penalty of the unpaid loss as well as all legal fees and expenses.

In a report by Forbes, AHBE owner Bruce Levenson sold the franchise in 2015. He is a graduate of Washington University and American University and is a successful businessman and philanthropist. Levenson has been on the Board of Governors for the Hawks basketball teams since 2004. He co-founded United Communications Group (http://www.ucg.com/AboutUs/Ownership.aspx) in 1977 and still remains as a partner today. He is currently on the Board of Directors for IT industry media company, TechTarget and once worked as writer for the Washington Star and Observer Publishing. Bruce Levenson’s past work includes serving on the Board of Directors for the Newsletter and Electronic Publishers Association and as President for the Washington-based “I have a Dream Foundation.”