Levenson Sells the Atlanta Hawks for Less than Asking Price

Why did Bruce Levenson sell for less than his initial asking price? Well, it turns out that bankers had over valued the price of the Atlanta Hawks, or Maybe Mr.Levenson just didn’t want to wait around and see if he could get more.
Bruce Levenson contacted the services of bankers to sell the Atlanta Hawks. While the initial Goldman Sachs estimate of an asking price of $1 billion seemed way out of scope for many analysts, the executives here believed this was an adequate price range. In the end, bankers at Goldman Sachs were off by at least 27% when an offer came in for approximately $850 million from Antony Ressler.
Sources confirmed that the sale has been finalized and financed by cash and some debt. Antony Ressler after losing out to Steve Ballmer in the purchase of the Clippers, decided to put in a bid for the Hawks.
According to the new owner management, Hawks CEO Steve Koonin and the current coach Mike Budenholzer will remain with the team.
Ressler is the owner of a private equity investment firm, and a current real estate developer. He was one of the three finalists for the Los Angeles Clippers sale, but he’s bid of $1.2 million fell short of the $2 billion offered by Steve Ballmer. Ressler, now 55, has a net worth of about $1.4 billion.
Forms at a value of the Hawks at 425 million last year; however the recent sale of the Clippers and bucks, as well as new lucrative television deals had led to a market change.  And Forbes billionaire Bruce Levenson was not alone in this estimate; many people thought $1 billion was not really unrealistic. Andrew Zimbalist, on the other hand did predict a price range of approximately $700-$750 million, so the sale price of $850 million was not far from this ball park estimate.
The Hawks went up on the market in January, after the publication of an email written by Bruce Levenson in 2012. His concern was that the large number of African-American educators at the game was causing a down slide of the more fluent middle-aged fans.
The point is that while Levinson will certainly make a nice profit from the sale, the over asking price estimated by bankers, may have left some money on the table by dissuading other bidders with a possible interest.