Bruce Levenson made a name for himself in the National Basketball Association as the owner of the Atlanta Hawks. He gained quite a bit of national press after selling the Hawks for a significant sum. While there absolutely is a lot of money to be made owning a professional sports team, selling the team can be the best and most profitable decision when done at the right time.
Per an article published on Forbes Magazine’s website, Levenson sold the team for a massive $730 million. Original projections were that the team could sell for $900 million. $1 billion was also deemed a possibility as well.
Levenson’s professional career did not start in the sports world. He graduated law school, and was working as a journalist prior to graduating. His journalism experience proved to be very helpful. Levensen and a partner began publishing a simple newsletter dealing with the oil industry. The newsletter reflected the birth of the United Communications Group (UCG). The one-time small project eventually led to Levensen amassing huge wealth.
With his tremendous personal assets, Levenson was able to purchase the Atlanta Hawks. Even though Levenson’s assets included business entities in many industries, he was most known for his role of the Atlanta Hawks’ owner. The sports franchise did do wonders as far as raising Levenson’s celebrity status.
Business interests are not the only financial endeavors Levenson is involved. He directs a great deal of money towards charitable causes and has done so for many years. Various nonprofit organizations owe their existence, in part, to the charitable giving of Bruce Levenson.
There will always be a question mark, however, regarding the sale of the Hawks. Could Levenson have made more money on the sale. $900+ was considered an overvaluation by the financial experts. Had the overvaluation not occurred, Levensen may have garnered $50+ million more on the sale. Perhaps figures as high as $850 million would have been reached. Regardless, the profit margin Levensen achieved from the years owning the team prior to receiving a generous sales closing surely led to him doing well on the deal.
The future will reveal if Levenson ever returns to professional sports.