The NBA league is one of the most watched leagues across the world. Basketball has grown in popularity in the previous years. One of the top basketball teams is Atlanta Hawks. When Bruce Levenson, the former owner decided to sell the club, there was a need to hire bankers to represent him in the sale. The club was estimated to cost around $1 billion.
The club representatives have been in talks with a group of billionaires lead by Anthony Ressler who have agreed to buy the club at an estimated $850 million.
Why Bruce Levenson Sued the Insurance Company
Mr. Bruce Levenson sued New Hampshire Insurance Company for breaching the contract they had agreed on; that involves the settlement of claims made by Danny Ferry the former general manager. After an $18 million contract had been commenced in 2012, it ended with an agreement that was reached on June 22, 2015.
We don’t have the specific amount of claim as it is currently confidential. The breach of contract is said to have aroused from failure to pay covered losses in the settlement.
Reason behind the sale of Atlanta Hawks
Mr. Bruce Levenson, a philanthropist, is the former owner of NBA team. He also previously owned Atlanta Hawks basketball team. Claims emerged that after Mr. Levenson had released a racist email, he was bound to sell Atlanta Hawks basketball team. Read more on Time.com.
He claimed in an email sent to Hawks President Danny Ferry that the team’s fan base was more of African-American. He also stated that the black fans scared away the white fans, and that could adequately affect profit from ticket sales since the black were not enough to build significant season ticket base.
In his defense, Mr. Levenson stated that he was wrong to assume the interest of the team’s fan base stereotypically. He also claimed it was wrong to state that the team’s white fans are more valuable that the black fans. For more info, visit brucelevenson.com.