The former owners sued their insurance company for not settling claims made relating to their dispute with Danny Ferry, Hawks previous general manager.
Bruce Levenson is one of the majority owners of the Atlanta Hawks Basketball and Entertainment LLC, AHBE, which settled with Ferry and after that agreed to sell Hawks to the new group led by principal owner Tony Ressler. AHBE owns the basketball team Atlanta Hawks and their home practice stadium, the Philips Arena. The new ownership is not involved in this dispute at all; it is between AHBE and the insurer with Ferry’s settlement at the heart of the matter. AHBE claims the insurer did not pay losses relating to the settlement between them and Ferry as covered. In addition, the suit is seeking penalties and attorney’s costs. AHBE believes the New Hampshire Insurance Company, represented as AIG has no right to decline to honor the policy.
Bruce Levenson sold the NBA franchise including operating rights to the Philips Arena to the Ressler-led group for a reported $850 million in 2015. They had bought the same for $250 million in 2004 including the NHL team, Atlanta Thrashers, which was sold in 2011. The Philips Arena is the Hawks practice facility.
According to ESPN, Bruce Levenson has also served on the NBA Board since 2004. In 1997, Bruce was recognized by Time Magazine and the Software and Information Industry Association for his executive leadership success at UCG. Additionally, Bruce Levenson also served on the board of the publicly traded IT company, TechTarget, a technology information provider. Bruce has also been associated with the Newsletters and Publishers Association and BIA Digital Partners.
Bruce is an active philanthropist and supports Hoop Dreams Foundation, US Holocaust Museum and SEED Foundation among many others.