Bruce Levenson Makes Significant Profit With His Sale Of The Hawks

The jewish businessman and philanthropist, Bruce Levenson, recently made the sale of the professional Atlanta basketball team, the Atlanta Hawks LLC. Bruce Levenson is the co-founder of the United Communications Group which he founded alongside Ed Peskowitz who was a longtime friend at the time back in 1977. The business started in Bruce Levenson’s basement of his apartment building where the 2 of them published their first article about the newest developments in the oil industry at the time. They called the publication Oil Express. This defined the direction the company would take in the future and has since grown into a massive empire of one of the biggest business information providers. According to Time.com, the company also provides the Oil Price Information Service which also links into the application that they launched on to the market which allowed user to search their local for the gas stations that offered the cheapest gas. The application was named GasBuddy and is a very big hit as it allows people to take advantage of the cheapest gas prices in their surrounding area.
The Atlanta Hawks were sold to billionaire cofounder of Ares Management, Mr. Tony Ressler who won the action with his offer of $730 million which was a lot less than the prediction made by bankers that Bruce Levenson hired to take over the sale of the team. They oversold the team by over a quarter of a billion than what was initially made. Experts believe this might have cost Bruce Levenson however he made a large profit on the sale anyway. Andrew Zimbalist from Smith College Sports was the only economist who predicted the actual sale value. He estimated it at $700-750 million which was the closest out of all.