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NBA Team Ownership Changes

Investment is an undertaking that is synonymous with risk takers. It is because of the high chance that one may lose money in the undertaking. In most cases, the people that embrace risk have many funds at their disposal and do not find difficulty in spending. However, there are people who have little and are willing to invest in the ventures they deem fit for success. These are the real investors.

The ownership of an NBA team is what many people admire. They find it attractive and equally lucrative. When one owns such a team, they have many advantages that range from social to financial. It explains why most of the NBA teams change ownership frequently. It is an undertaking by billionaires that are willing to pay any price to achieve their dreams. If the dream is to own such a club, the huge amounts they pay end up hiking prices for other teams. Therefore, as a result, the NBA teams have seen a general rise in prices over the last few years. It is an indication that the demand for the teams is high and many people are getting attracted to the game.

Late 2014 was the year that media houses buzzed with the news of the possible sale of the Atlanta Hawks. It was speculated that the majority shareholder, Bruce Levenson, had decided to dispose of the NBA team. The next process for the owner was to get the best price for his investment. Like any other investor, Bruce intended to make the most of the NBA team and make sure he does not regret selling it. The rumors were confirmed early 2015 when the Time’s Bruce Levenson team announced that Goldman Sacs would lead the sale of the club. It was a huge task for the chosen experts, but they were sure to deliver the best price available on the market.

In April 2015, news reports indicated that after getting many offers on the table, Goldman Sacs had finally settled for one. Everyone was eager to know who or which team had won the bid. Finally, it was announced that a team led by one Anthony Ressler were set to be the new owners of the Atlanta Hawks. They had purchased the team, and the Philips Arena at an estimated $850 million, a few million shy of a billion dollars. It was a great achievement for Bruce who ended up with millions of dollars in profits having bought the club, the Arena and the Thrashers for $240 million. The latter was sold for $170 million, an indication that Bruce made lots of millions in the deal.

Consequently, the team that acquired the club was glad for their achievement given that they had failed to acquire some clubs just months before the announcement. On the same note, they announced that they were in good terms with the club management and would let the CEO and coach continue playing their roles. They also mentioned their commitment to working closely with the residents of the city to make sure the club sees success.