Bruce Levenson is an American businessman who accumulated the majority of his wealth through his company United Communications Group (UCG), which he co-founded along with Ed Peskowitz in 1977. Mr. Levenson also serves as a Partner of UCG and still remains very much involved with the firm to this day.
First, a little backdrop about Bruce. He attended Washington University in St. Louis, Missouri, and graduated with a bachelor’s degree in political science, then graduated with a law degree from American University. These degrees helped him invest, as the study and practice of professional law is very similar to accounting and business in general.
Mr. Bruce Levenson is probably best known for being the old leading majority owner of the Atlanta Hawks. He helped lead the Atlanta, Georgia, ball club to the Eastern Conference Finals (ECF) in 2015, where they fell to LeBron James and the Cleveland Cavaliers.
For those that do not know much about the National Basketball Association, it is the largest professional basketball entertainment organization in the world. The NBA was founded in 1946, and currently consists of thirty teams. These 30 teams are split into two conferences, fifteen each, and then subdivided once more into three divisions.
The Atlanta Hawks are in the Southeastern division of the Eastern Conference, arguably the most competitive in the Eastern Conference. There are four rounds of playoffs, so the Atlanta Hawks won two seven-game series to reach the ECF.
Mr. Levenson took majority stake in the Atlanta Hawks when they were worth approximately five hundred million dollars, and was part of a sale that netted more than eight hundred thirty million dollars. This amounts to more than two hundred million dollars in profit or approximately a 40% return on investment. An ROI of more than 25% is considered a large gain, especially for something that is worth half a billion dollars. Mr. Levenson was an integral part of the trade and helped greatly increase the value of the basketball organization.
Levenson’s group, Atlanta Spirit, recently sold the Hawks to a group of investors led by Mr. Antony Ressler and Mr. Grant Hill.
In trying to figure out how much the Atlanta Hawks were worth, Levenson and his camp hired some financiers from Goldman Sachs, who appraised the franchise at around one billion US dollars. The group sold it for less than they could have, but still earned a substantial profit. Once one has enough money to purchase an NBA team or at least own a 50.1% stake in a near-billion-dollar investment, money is probably of the least concern.
Mr. Levenson has served on the board of directors at a number of companies throughout the years, despite being tied up in so much work with the Atlanta Hawks and the United Communications Group. Some of these companies include TechTarget.com, the Electronic Publishers Association, and the Newsletter. He has even been appointed as the President of the I Have a Dream Foundation of Washington. Mr. Bruce Levenson truly has a career tht many businesspeople would dream for.