Sports teams are often acquired and then stay with the owner for a long period of time, rarely being sold because of the huge cost of ownership. The NBA Atlanta Hawks were one of the teams that was recently put up for sale and sold by banker, Bruce Levenson. Bruce Levenson no doubt had the sports team as an investment, creating revenue from the team’s performance and then making a profit when he did decide to sell the team.
Sports fans are always interested to know who their favorite teams are sold to because ownership can play a huge role in the performance of a team. Money that the owners are willing to spend on player’s contracts, for coach’s salaries and other expenses all play a role in a team. The way the team is managed is also another huge factor and it can greatly change the season and the way a team interacts with each other and management.
One of the big stories regarding Levenson’s ownership and eventual sale was the price that the banker was asking for the team. The Atlanta Hawks were valued at one billion dollars, a price that is not overly high for a sports team, but some thought too high for the hawks. While the team did not sell for that price, the ultimate sale price did come pretty close. Levenson hired a banking firm that he has worked with in the past to put a value on the time and its future profits. While the overall valuation was not thought to be too high by most folks in the industry, some critics say that the price could’ve been higher than some were willing or able to pay.
While the team was a great way for Levenson to diversify his overall portfolio, the sale of the Hawks was a smart move for him. He was able to make a profit on the team and its sale and being the banker that he is, Levenson is always smart with his money. Not only does the sale price speak to the worth of the team, but it speaks to the value that is in an NBA sports team in general. The team is essentially a product and the NBA is a brand that is dedicated to creating value and worth for its owners and those within its employment. As one of the most recent teams to be sold, the selling price of the Hawks is a great indication of the strength of NBA teams and a great indicator for other owners and those interested in becoming sports team owners.