Selling the Atlanta Hawks has proven to be a very lengthy process for Bruce Levenson. He has announced that he was going to sell the team back in September. He has then hired some bankers to assess the value of the team and predict the highest price that he could sell the Hawks for. The common prediction at the time was that Bruce Levenson could sell the Hawks for $1 billion or more. However, this turned out to be an oversell when it came to the bidding process. The highest price at the bidding process turned out to be $730 million offered by Tony Ressler. Even though that was more than the price that it was sold for in 2004, the overselling has intimidated some of the bidders and it is believed to have left some of the money on the table.
While the price at the time was far below the $900 million – $1 billion prediction, many people did believe that the prediction was accurate. There was only one person who has made an accurate assessment at the time and that was Andrew Zimbalist, a sports economist who has predicted that the price would fall between $700 million and $750 million. This would have still been a big profit for Levenson at the time. However, he still shot for something higher.
Tony Ressler and Bruce Levenson has eventually settled on $850 million from Tony Ressler. Ressler’s group features former NBA player Grant Hill. They have reached an agreement for the price and the deal was finalized. The Hawks made the announcement on ESPN the agreement the following Wednesday. They have considered it an honor and something to be excited about. Grant Hill and the rest of Tony Ressler’s group are truly happy to be proud owners of the Atlanta Hawks. They have also gave recognition to the approval process of the NBA. The success of the Atlanta Hawks will still continue on with the new owners.
While the sales process was rather lengthy, the rise in price value has shown that the team is very strong. It also gives hopeful signs of the market’s potential. It also shows the uptrend of the value of the NBA. This shows the teams value in a positive light. When Bruce Levenson and his group bought the team, they have paid a much lower price. The new ownership can be trusted to profit from this team as they continue on playing hard and providing the entertainment that they are known for. Grant Hill, himself was bidding apart from Ressler for the team but has fallen out. When Tony Ressler has taken over, Grant Hill has decided to be a part of Ressler’s group in the ownership of the Atlanta Hawks. Either way, Bruce Levenson has made some huge profits from his team says PR News.