Bruce Levenson has tried to sell the Atlanta Hawks in a lengthy process which led to two front runners finally appearing. These front runners will pay for the team and the Philips Arena. The attempt to sell the Hawks has carried on for six months at that point. At the time, the deadline for the last bids was April 10. There was also the ability to move the date back as needed as more bids enter into consideration. Bruce Levenson is doing the best he can to get the highest big and gain the most profit possible from his team.
This news was shared by a few people that knew a lot about the situation with the Atlanta Journal-Constitution of the two groups that are in the front running for buying the Atlanta Hawks. The prospective buyers have signed agreements on non-disclosures so that they don’t speak in public on the process of the sales. One of the finalists is led by Steve Kaplan, who owns the Grizzlies. Along with Kaplan are a couple of billionaires named Handy Poernomo, Erick Thohir and Jason Levien, indonesian billionaires and former Grizzlies CEO respectively. Another person that is seen with the group is Hank Aaron, a member of the Braves.
The other leading group is well connected with Entertainment. This group is led by Mark Rachesky of Lionsgate Entertainment. Joining him is Steve Starker, who is a New York investment banker. One other member of the team is Jesse Itzler. He has consulted with the Hawks and went to plenty of games. He is also married to Sara Blakely, founder of Spanx. Goldman Sachs and Inner Circle were hired by The Hawks in order to deal with the process of selling the team. Meetings were held in Atlanta for the groups after the preliminary bids of Feb. 24. There are a few groups that lost contact with the firms which put them out of the running.
The process of selling the Hawks has been long. The Hawks have still proven to be profitable for Bruce Levenson, says Forbes magazine. The process was expected to take until June for completion. Levenson has begun trying to sell the team in September. This long drawn out process has amazed many just for the length of the sales process alone.