Last year as reported by Forbes.com, Bruce Levenson hired bankers to sell his team, the Atlanta Hawks. However, these bankers managed to sell the team at a lower price, compared to what was predicted earlier. Levenson hired Inner Circle Sports and Goldman Sachs to sell the basketball team and the operating rights to the great Philip Arena. These group of bankers convinced Levenson that the operating rights of the arena and the Hawks Team could give him at least one billion.
After several months, Tony Ressler and his team acquired Hawks and operating rights to the arena with a seven hundred and thirty million bid. This was not a shock to many people. A large group had warned that the one million was unrealistic, and it was too much for the team. Some experts predicted in January that the team would be sold for at least nine hundred million. Andrew Zimbalist, one of the most popular sports economists in the country predicted that the team would be sold at a price ranging from seven hundred to seven hundred and fifty million.
With this sale, Bruce Levenson was able to make a good profit. However, the bankers dissuaded many bidders when they oversold the team. Experts say that they must have left a lot of money on the table.
Several months after the successful sale of the Hawks, the Atlanta Hawks Basketball and Entertainment, the group led by Bruce Levenson has gone to court to sue an insurance company for breach of contract concerning the settlement of claims by Danny Ferry, the former general manager of the team. However, the lawsuit will not include the current ownership of the Hawks.
The team has been successful under the new ownership, and the captain says that the case in court will not affect its performance in the upcoming matches. UCG Founder Bruce Levenson and his team are hoping to win the case.