It’s been over a year since Bruce Levenson and the Atlanta Hawks Basketball & Entertainment (AHBE) Group sold their shares of the franchise to the new owners, a sale that according to Forbes Magazine, many said was higher than the value of the team at the time. But now Levenson and those owners are having to deal with an insurance issue regarding the sale and buying out their former general manager’s contract. According to AJC, AHBE said their situation regarding the buyout and termination of employment should have triggered their insurance company’s policy, and that they met all the stipulations of the policy. But the insurance company will not honor that claim and right now it appears to be headed for a court settlement.
Bruce Levenson has been an accomplished businessman for over 40 years. He originally went into journalism, starting as a reporter for the Washington Star while attending law school, but then decided to start his own publication business. He started it in his own apartment with his friend, Ed Peskowitz and their first publication was Oil Express. That newsletter was the start of other newsletters they began adding to the portfolio, and soon they had built United Communications Group (UCG). UCG covered news across all different industries from energy to mortgage banking. They also started a subsidiary called Tech Target and an app called Gas Buddy.
Levenson bought the Hawks in 2004 along with the NHL’s Atlanta Thrashers, who were sold in 2011 and then relocated to Winnipeg. But in addition to owning a basketball team, Levenson also supported many philanthropic foundations (https://www.benzinga.com/news/17/03/9165680/university-of-marylands-non-profit-initiative-is-changing-higher-education) including Hoop Dreams, the I Have a Dream Foundation, and most notably the Holocaust Memorial Museum in Washington D.C. Levenson even took the Hawks’ basketball team and coaches to that museum where his mother-in-law, a survivor of the event told them her story.