Some of the wealthiest people in the world are professional sports team owners. Many professional sports teams are owned by one or more individuals. They usually operate the team’s business under the name of a partnership, limited liability corporation, or an incorporated business. This is mostly done for tax and insurance purposes. Professional sports teams, like other businesses, often get sold. There are many reasons why a sports team is sold. The most recent sales transaction, regarding a professional basketball team, happened in the beginning of this year. The team sold was the Atlanta Hawks. The purchase price for this team was an astounding $850 million dollars.
Bruce Levenson of time.com, majority owner of the Atlanta Hawks, announced in January that the Atlanta Hawks professional basketball team was for sale. There were several reasons given for his decision to sell. Several interested contenders put in bids for the purchase of the team. However, a deal was struck with The Ressler Group. The Ressler Group is headed up by Antony Ressler and also includes Grant Hill, Jesse Itzler, and several other individuals.
Bruce Levenson has had a very successful business career throughout his entire adult life. He attended college at Washington University in St. Louis. He then attended, and graduated, law school at American University. After completing his education, Mr. Levenson worked as a journalist for a few years at a couple publications including The Washington Star. In 1977, he co founded the United Communications Group. Bruce Levenson is also a founding board member, and currently sits on the board of directors, for the media company TechTarget. He purchased the Atlanta Hawks in 2004 from Turner Broadcasting.
Most professional sports teams will see changes in owners from time to time. Many owners see the sports team franchises as nothing more than business ventures. Some owners, however, are former players who are more invested in the sports than other owners may be. The major owner of the Charlotte Hornets, for instance, is former professional basketball player Michael Jordan. Other professional teams, such as the Los Angeles Lakers, have had the same owners for many years.
The 2016 basketball season will be sure to be interesting. Fans across the world be watching to see what changes will be taking place in Atlanta with the Hawks’ new owners in place. Fans will also be interested to watch and see how the other teams, and owners, take to the changes that we see. There are currently no other teams under contract for purchase as of right now. However, as with any businesses, that can soon change.