Bruce Levenson: A Well-Respected, Shrewd Businessman

Former Atlanta Hawks majority owner Bruce Levenson is an incredible businessman. Born and raised in Silver Springs, Maryland, Levenson and his friend Ed Peskowitz started a very successful company called United Communications Group (UCG)in 1977. UCG also owns GasBuddy, a popular application which allows millions of drivers to find the lowest gas prices in their area. United Communications Group also owns several important newsletters including Oil Express, and a number of databases including Oil Price Information Service.

Bruce Levenson on is actually legendary in the business world. Not only is he involved with UCG and other businesses in the energy industry, his companies also play important roles in the healthcare, technology, mortgage banking, telecommunications, and several other industries. Plus he is involved in the IT industry media company TechTarget. Levenson is also an advisor for the private equity firm BIA Digital Partners. In 1997 Bruce Levenson was induced in the Hall of Fame of the Software and Information Industry Association for his work with UCG.

While Bruce Levenson is very well known among some of the most powerful people in the world of business, many members of the general public did not become aware of him until 2004. It was that year that Bruce Levenson became a majority partner in the Atlanta Spirit LLC group that purchased the Atlanta Hawks. Actually the group also purchased the Atlanta Thrasher, an NHL team, and the operating rights to Phillips Arena as part of a $250 million deal. The Thrashers had been losing money for years, so the Atlanta Spirit LLC quickly sold the team for about $100 million.

Levenson and the Atlanta Spirit’s management of the team have been brilliant. First they brought in Joe Johnson and other quality players. Next, they gave Dominique Wilkins, one of the Hawks best known and most beloved stars, a prominent and very visible position with the team. That increased interest in the team. When the salaries of Joe Johnson and the other high profile Hawks players became too much of a drain on the bottom line, Levenson and the ownership group traded them and began to rebuild the Hawks from the ground up using less expensive players.

The years 2014 and 2015 were big for the Atlanta Hawks. Bruce Levenson hired respected general manager Danny Ferry and made Mike Budenholzer, the steady, knowledgeable long-time assistant coach of the San Antonio Spurs, the new Hawks head coach. The results were dramatic. The Hawks improved from being a mediocre team to playing for the Eastern Conference championship.

When a number of people showed interest in purchasing the Hawks, Levenson and the Atlanta Spirit LLC sold the team for $850 million. That move by Levenson and the ownership group helped the team, the city, and themselves. Bruce Levenson had once again shown people his well-known business acumen.

Bruce Levenson Sells Atlanta Hawks

Basketball is the famous sport in the United States. The game is characterized by tall players whose aim is to entertain and score goals. It is always a celebrated affair to have a win in each match. The basketball teams have an associated dubbed the NBA that is in charge of all affairs concerning basketball in the US. The popularity of the clubs has made the NBA the most famous league in the United States to date.

History of the Hawks

Atlanta Hawks is a basketball club that is part of the NBA and based in Atlanta. They use the Philips Arena as their base of operation, and home ground. The club was acquired in 2004 together with the Arena and the Atlanta Thrashers. The acquisition cost $210,000 million. Later, the owners decided to sell the Thrashers at an enormous profit. At $170,000, the Thrashers had offered the ownership a huge profit, just three years after acquisition.
In 2011, plans were underway to sell the Hawks with the Arena. It was however not successful because the board of management decline to support the decision. The owners took it lightly and postponed the sale. In 2015, a deal to sell the club was signed by the owners. The club had been estimated to fetch about $1 billion. However, Goldman Sacs sold it for $730 million to Anthony Ressler’s team. It was an enormous profit for the owner.
After the sale, analysts pointed out that the Hawks could have been sold for a much higher fee. However, Goldman Sacs refuted the claims and insisted that a higher price would have discouraged potential buyers.

Billionaire Bruce Levenson

Bruce Levenson has owned the Hawks from 2004. Since that time, the experience billionaire has had other investments that have given higher profits in equal measure. The billionaire and strategic investor made a profit from the sale of the Thrashers in 2007, and intended to do the same in 2011. When the plan to sell the Hawks was turned down in 2011, he seemed to understand. On that note, his patience paid heavily by giving him high profits. For accompany acquired for a few millions, he was able to get an amount slightly short of a billion dollars. The basketball investments are famous in the US given the fame and celebrity status that the owners are accorded.

The new owners

Forbes’ Bruce Levenson sold the Hawks to a team led by Tony Ressler. The ambitious team tabled their bid with the best hopes of acquiring the club. Their proposal was accepted, being the best.