Posts in Category: Sports & Business

Bruce Levenson Sues Insurance Company

Bruce Levenson is a famous businessman from the United States. In 2015, the businessman hired two banking institutions to sell the Atlanta Hawks basketball team. After several months, the banks sold the basketball team to Antony Ressler and his group. However, the two banks, known as Inner Circle Sports and Goldman Sachs sold the team at a lower price. Before the sell, the banks had promised Bruce that he would get at least one billion dollars. The bankers were also in charge of selling the operating rights to the Philips Arena.

According to the Time.com, Ressler and his group acquired the Atlanta Hawks and the Philip Arena at seven hundred and thirty million dollars. According to Goldman Such, the Tony Ressler were the highest bidders.The new price shocked many individuals in the country who had hoped that the team would be sold for a higher price.

Experts in sports had earlier warned the bankers that the price they expected was extremely high, and it would not be affordable to many people. One of the experts had predicted that the Atlanta Hawks would only attract nine hundred million dollars. A famous sports economists in the country, known as Andrew Zimbalist said that the team would be sold at a price not exceeding seven hundred and fifty million. His prediction was not taken seriously by the bankers, but it ended up being correct.
Read: http://www.forbes.com/sites/mikeozanian/2015/04/23/bankers-for-levenson-oversold-atlanta-hawks-by-27/

Although the basketball team was sold at a lower price, Bruce Levenson reported that he had made a huge profit from the profit. Experts, on the other hand, believe the banks dissuaded the bidders when they chose to oversell the Atlanta Hawks. These professionals say that the banks must have left a lot of money on the table.

After successfully selling the Hawks, Bruce Levenson is leading the Atlanta Hawks Basketball and Entertainment to sue their long-serving insurance company. According to Levenson, the insurance firm breached the contract in the issuance of claims by the former general manager of the Hawks, Danny Ferry.