Buying an NBA team is possibly just as hard if not more difficult than qualifying as a player. Owners are generally wealthy individuals who have achieved great success prior to acquiring an NBA team. Collectively, owners have diverse financial portfolios emanating from a wide array of businesses, such as real estate, the stock market, the entertainment industry, technology and more. The underlying theme among the NBA’s 30 owners is determination and hard work.
Being an NBA owner does not mean you get to sit around all day and watch basketball games. There are many responsibilities and factors that are involved with running a professional sports team. Owners have to address issues like collective bargaining agreements, union disputes, television contracts, international marketing strategies, merchandise and branding, arena development, player development and more.
Even though NBA owners express a love for the game; it is safe to assume that they are more interested in making a profit from their investment. Owning an NBA franchise is a great way to boost your income; consider this, every NBA team makes a profit, even the losing teams.
NBA owners have always represented an elite group of individuals who are willing to spend millions of dollars to make their franchise more competitive. Owning a professional team is no different than running a Fortune 500 company. Each team has an executive board, rules and regulations, employees, management and a universal mission – win an NBA championship title.
NBA owners have to deal with many factors that that are associated with operating a multi-million dollar corporation, such as employee satisfaction and the future outlook of the organization. However, NBA owners are also faced with unique challenges, such as transporting an entire team and staff across the country on a weekly basis for games, and NBA owners must provide elite medical personnel and facilities for an employee base that is susceptible to injuries.
One of the NBA’s top owners, Bruce Levenson, co-owner of the Atlanta Hawks, has demonstrated exceptional leadership throughout his career. As a successful law graduate and technology entrepreneur, Levenson, a Washington D.C. native, has led the charge in building his franchise into a playoff contender during a period of time when sports analysts thought the Hawks were not competitive. Levenson purchased the Hawks in 2004 for $189 million dollars, and as of January 2015, the team is worth $825 million dollars.
Levenson’s leadership, in addition to his abundant charity work, has positioned him as an asset to the Atlanta Hawks, the city of Atlanta and his hometown – the District of Columbia. Levenson made his millions as a co-founder of United Communications Group – UCG, which owns GasBuddy, an app that helps drivers find cheap gas prices; in addition, UCG specializes in collecting and publishing data for the energy sector, healthcare industry, technology sector, mortgage and banking sector, the oil industry and more. Levenson’s entrepreneurial ventures has given him tremendous leverage and insight into the inner workings of a multi-million dollar corporation.
Levenson’s leadership extends beyond the court in a very meaningful way. He is the former president of the Washington D.C. chapter of the I Have a Dream Foundation, which assists low-income children with pursuing their education. Levenson is also a major contributor to the US Holocaust Museum.
Bruce Levenson is the perfect example of the American Dream. At a young age, he built a successful business with a lot of hard work, and he has accomplished what many can only dream of – owning an American basketball team. As Levenson continues to expand his empire, he is sure to be a source of inspiration for people who work hard and dream big.