Bruce Levenson Sells the Atlantic Hawks NBA Team

Born to a jewish family in Washington, D.C., Bruce levenson graduated with a bachelor of arts degree from Washington University. 27 years after co-founding United Communications Group with his partner Mr. Ed Peskowitz, he has been playing a big role in the acquisition efforts and business strategies of the company. He is also a partner in the company.

Before United Communications Group came to exist, Bruce was involved in other works and responsibilities: He was a contributor for the Washington Press and Observer Publishing. He served as a director at TechTarget.com, and was one of the board members at Electronic Publishers Association and Newsletter.

Forbes billionaire Levenson is a majority shareholder at Atlanta Hawks. Atlanta Hawks used to own the Atlanta Hawks team before the partners decided to sell it. Bruce was the first partner to make known his intentions of selling his share. After he made this announcement in September 2014, other partners also decided to follow his footsteps several months later. Soon, other investors were now lining up to express their interest in buying the team.

Inner Circle Sports and Goldman Sachs were hired by the partners to sell the NBA team on their behalf. Earlier, Forbes had assessed the value of the NBA team and put it at $425 million. Due to changes in the market, the sale of the Bucks and the Clippers and the new television deal that NBA made, the prices of the franchises have skyrocketed.

The initial valuation of the team by Goldman Sachs was off by 27%. They had believed that they could sell the team for $1 billion, but the highest bidder’s price stood at $850 million. This highest bidder was none other than Antony Ressler. When the deal was finalized, the NBA team’s ownership was transferred to him.

The sale of the Atlanta Hawks made Bruce a lot of profit. He, together with Gearon and some other people, had bought the team back in 2004 for $250 million. The Philips Arena’s operating rights and the NHL’s Atlanta Thrashers were also included in the deal.

Bruce has made contributions to a number of charity organizations as part of his philanthropic work. He has helped underprivileged children get a shot at acquiring higher education as president of the I have a Dream Foundation. He made donations to the U.s Holocaust Museum, Seeds of Peace and SEED foundation. He has helped the Jewish community by supporting Birthright Israel, BBYO, the Jewish Federation, Jewish Youth Philanthropy Institute and the Jewish Federation. Bruce is also a family man with a wife and three boys.

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