Maintaining a high profile professional sports team is difficult work. While many people look at it as a fun, leisure activity for billionaires, that really is not the case. Yes, many wealthy individuals run teams and it is their desire to win championships. However, it takes a considerable amount of time, money and professionals on hand to actually prove to do this successfully. Over time, many individuals just don’t have enough time to do their own professional work while maintaining and run a sports team that requires assistance and monitoring every single day. Bruce Levenson after years of owning the Atlanta Hawks, decided to sell off the team to a group of investors. He recently did so for just a small amount shy of a billion dollars, which net him a large amount of money from when he purchased both the Atlanta NBA and NHL teams at the same time.
In order to sell the team, Bruce Levenson turned to Antony Ressler. Antony is an expert when it comes to determining the value of a sports team and selling it on the open market. He has worked with several other teams, including the LA Clippers and the LA Dodgers, which recently sold not too long ago for over $1 billion. He worked with the Milwaukee Bucks and several other organizations in order to determine the value of the franchise. Now, there are many different variables to consider when attempting to price the value of a team. While there is the payroll of the players that needs to be taken into account, there is the value of the stadium and there is the value of the sports team market as well. Different sporting markets have different values based on the number of viewers. Atlanta is a mid-tier market. The city of Atlanta sits at just over 400,000 while the metro area is one of the largest in the country. However, outside of Georgia, the Hawks doesn’t have a big following. Major market teams are those with appeal throughout the country, such as the Lakers, Knicks, Bulls and other teams of suck caliber. It ultimately came down to looking at all of the valuables, and the final decided price sat right around $850 million.
Once Antony and all of the brokers combed through the information to come up with this expected value, Bruce Levenson signed off on it and ultimately sold the team. while he is still a CEO at his other business ventures, he no longer owns the team and now is a fan like other individuals who live in and around Atlanta. As one of the top business professionals in the area though, he did help rejuvenate the franchise.