Antony Ressler purchased the Atlanta Hawks for $850 million in April 2015. Ressler was a finalist in the competition to the purchase of the Los Angeles Clippers, but he under bid their $2 billion sale price. Forbes Ressler’s net worth in 2005 was $1.4 billion when he purchased the Milwaukee Brewers with Mark Attanasio.
Owner Bruce Levenson put the Hawks on the market in January 2015 after their value soared when the NBA signed top-dollar contracts with television sponsors. At the advice of his financial advisors, Levenson expected $1 billion from the sale of the Hawks.
Attorney Bruce Levenson co-owned Atlanta Spirit, LLC and co-founded United Communications Group (UGC) with Ed Peskowitz. He’s been on the board of directors of TechTarget, Inc. since February 2015, and he contributes to diverse philanthropic foundations. He serves as president of the “I Have a Dream Foundation,” and he’s on the board of directors of the Newsletter and Electronic Publishers Association. Levenson earned his Bachelor of Arts from Washington University and his Juris Doctorate from American University. He began his career by writing for the Washington Star and the Observer publishing company.
The sale led to the “wrongful termination” of the team’s general manager, Danny Ferry. He signed a six-year contract with the Atlanta Hawks in 2012. Levenson, owner and partner of the Atlanta Hawks Basketball and Entertainment, LLC, expected his commercial insurance to pay Danny Ferry, but his New Hampshire insurance company replied he failed to open a justifiable claim and paid nothing.
Levenson filed suit in the Superior Court of Fulton County on Sept. 13 against American International Group (AIG) insurance company for breach of contract. Levenson’s suit claims that the Atlanta Hawks were insured against losses related to employment practices under their AIG employment insurance and were liable for Danny Ferry’s losses.