NBA is a popular league in the USA commanding an enormous number of audiences both elite and middle class. Consequently, the American basketball league boasts as one of the high net worth basketball leagues globally. According to Forbes, an average NBA team is now worth $ 630 million. The finding means that to be an NBA owner, one must be pretty rich.
This elite group (the owners) consist of a pool of high net worth individuals with well-established business empires globally. An NBA owner is typically a billionaire. It is a must have money situation to secure a place in the list of NBA owners.
One of the NBA owners who have contributed significantly towards managing one of the famous NBA teams is Bruce Levenson. Levenson, a former co- owner of the Atlanta Hawks, is one person we must focus on when it comes to NBA owners.
Bruce is a well-known business mogul in America with a wide array of business empires up to his name. The 66-year-old came into the limelight when he purchased the Atlanta Hawks and NHL’s Thrash for a whopping $ 250 million alongside Michael Gearon. Consequently, they obtained the ownership of Philips Arena which is the home ground for the Hawks.
Recently, Bruce Levenson announced his intention to sell his 50.1 percent stake in the ownership of the Hawks. As a result, Michael Gearon alongside his son, Beau Turner and Rutherford Seydel also resolved to sell their 32.3 percent ownership of the team. Another group which owns 17.6 percent stake led by Steven Price also agreed to sell 17.6 percent of the stake.
Bruce Levenson of UCG alongside other partners finally sold the Hawks for a whopping $850 million to Antony Ressler’s’ Grant Hill group. The group, which consists of Former NBA Sensation Grant Hill agreed to the sale amid tight battle from other investors who had expressed strong desire to clinch the ownership of the team. According to reliable sources who seek anonymity, the deal was financed through cash and a form of debt.
The bid for the purchase is probably one of the tough sales deals in NBA history. It took nearly eight months before a suitable bidder took over. The noticeable participants in the bid to take control of the company were Indonesian Billionaire Erick Thohir, Former Grizzlies CEO Jason Levien, Grizzlies minority owner Steve Kaplan and Hank Haron.
As he exits NBA arena, Forbes billionaire Bruce Levenson will be remembered for the positive impact he has injected into the game while serving as a member of the NBA Board of Governors. He will also be remembered for steering the Hawks towards contributing positively to the society when the team visited the Holocaust Museum in Washington DC. He is a figure to remember in NBA and the business world.