Bruce Levenson hired Goldman Sachs and inner circle sports to sell the Atlanta hawks for a reason. Goldman Sachs is a leading multinational finance organization with close to 150 years in portfolio management and wealth creation. Inner Circle Sports is an investment bank that has its focus on the global sports industry. They provide advisory services for entities interested in buying or selling sports teams. For example, they played a key role in the sale of the English Football club Sunderland AFC to Ellis Short for £20million.
Many PR News experts had valued the sale of the basketball team together with the operating rights at its home base, Philips arena in Atlanta, Georgia at well over $800 million. Three experts had told CNBC that the team would sell between $ 900 million and $1 billion earlier in January. Forbes had valued the NBA team at $825 million. It was the sports economist Andrew Zimbalist of Smith College who had the most modest valuation of between $700 million and $ 750 million.
Goldman Sachs convinced Bruce Levenson that it could help him get at least $1 billion dollars for his team plus their rights at Philips. And so everything was set in motion.
Off course Levenson makes a huge profit out of this deal but Sachs and Inner circle sports were off by about 27%.
Bruce Levenson is a successful businessman and a philanthropist born to a Jewish family in 1949. He grew up in Maryland and attended college at Washington University in St Louis. He is also a graduate of the American University law school.
In 1977, he cofounded united communications group and was a founding board member of Tech Target, a media company in the IT industry. http://www.espn.com/nba/story/_/id/11493472/jason-whitlock-bruce-levenson-atlanta-hawks