Popular Post HawkItus Posted July 6, 2015 Popular Post Report Share Posted July 6, 2015 One-on-one with new Atlanta Hawks owner Tony Ressler (Video) SUBSCRIBER CONTENT: Jul 3, 2015, 6:00am EDT One-on-one with new Atlanta Hawks owner Tony Ressler Byron E. Small Tony Ressler Mark Meltzer Executive Editor- Atlanta Business Chronicle Email | Twitter | LinkedIn When Tony Ressler first considered buying the Atlanta Hawks, he evaluated it like the private equity expert he is. He saw an underperforming asset, financially speaking, that could be much stronger. He saw an NBA team operating in the ninth-largest market in the country, booming metro Atlanta, that wasn’t operating as if it was in the ninth largest market. There are a whole lot of reasons, the new principal owner of the Hawks said in an interview with Atlanta Business Chronicle. Interview video here, here and here. See Also Viewpoint: Sports team owners aren’t so bad Atlanta Hawks introduce new owners (SLIDESHOW) Hawks name Wilcox GM, Budenholzer president of basketball operations “Some people would say it hasn’t been such a well-run franchise in the past 10 years. The ownership hasn’t created a bond and relationship with its fan base and the business community. I can’t really say they’ve wildly underperformed on the court, because they’ve done pretty well. But from a business side, no question they have.” In essence, the Hawks haven’t been punching their weight. “To say that they have underperformed their market I think would be a very fair statement,” said Ressler. “If you could just figure out, if we could just figure out, how to perform at our market size and importance, we’re going to feel pretty good about it.” In 1997, Ressler co-founded Ares Management LP, a publicly traded firm with approximately $87 billion of assets under management. Forbes says Ressler, who turns 56 July 16, is worth $1.5 billion, and is the 418th richest person in the United States. Ares (NYSE: ARES) has an office in Atlanta with about 30 investment professionals, and its portfolio includes investments in several Atlanta area-based businesses including Floor & Décor Outlets of America Inc., Serta Simmons Bedding, and Insight Global. He’s bullish on Atlanta. “Atlanta really is the engine of the Southeast and has unbelievable momentum in the business community,” Ressler said. “And you can see it in so many different ways. ... We see this as a great market going in the right direction.” He said it would be much easier to convince a CEO to move a business to Atlanta than to Los Angeles. “That’s a positive for this region, I think, more so than many Atlantans and many Georgians appreciate.” Ressler is a likable, admittedly low-key businessman who plays pick-up basketball on Sundays (“I’m incredibly average”) and gladly yields the spotlight to his actress wife, Jami Gertz. He says he’ll be active in overseeing the franchise, but will let his managers, CEO Steve Koonin and President of Basketball Operations Mike Budenholzer, run the business. He describes his job, and that of his approximately 15 owner investors, thusly: “You have to create stability, which this franchise desperately needs, from an ownership perspective. We have that. You have to provide ample resources, which we hope to provide and expect to provide. And then you have to step in and offer strategic direction when appropriate. Not daily. Maybe not weekly. Hopefully monthly, where we give input. I hope as Steve and Bud know, I am huge fans of theirs. I think they’re both incredibly talented guys — very different and both very talented in what they do.” He and his partners join a group of Atlanta sports team owners that includes Atlanta Falcons owner Arthur Blank and Atlanta Braves owner Liberty Media Corp. They take over the Hawks from Atlanta Spirit, a fragmented, dysfunctional ownership group that was mired in lawsuits and power struggles. “Nobody cares about the ownership of a sports franchise as long as they’re trying to run the best franchise they can, and put the best product on the floor,” he said. Ressler said he got a lot of unsolicited advice about owning a basketball team, and it was not consistent. “Even in the NBA, the role of the owner varies so dramatically,” he said. “There are very very active hands on owners in the truest sense of the word. And there are other owners that are wildly uninvolved with their franchise. And there’s everything in between. I hope to be very, very active — from an oversight perspective, and I’m proud of that.” Ressler, who lives in Los Angeles, tried unsuccessfully to buy the L.A. Clippers. In the process, he got to know new Hawks Vice Chairman Grant Hill better, and he learned more about the importance of media revenues and contracts. When the Hawks first became available, Ressler said he wasn’t interested, mostly because of some of the inflated values that were thrown out early in the process. Some had suggested the Hawks might sell for more than $1 billion. The actual price has been reported at between $730 million and $850 million, depending on whether you include debt on Philips Arena, which is owned by the Atlanta-Fulton County Recreation Authority. But a few months later, Hill, the former Duke University and NBA superstar, called to tell him Atlanta was an opportunity they should look into. “ ‘There’s an interesting asset, with a great team and a great coach and a great market,’ ” Hill told Ressler. “We might want to look into it.” So Ressler jumped in, studied the valuation, and got in the game. “It did come to us late in the process,” Ressler said. “I really think I was able to understand the franchise and the asset without that much work, because I had looked at it a little bit.” There were several groups of investors circling the deal, including both Atlantans and non-Atlantans. Ressler’s group didn’t have many investors at the time, and therefore could move quickly. “I don’t think it took us more than two weeks to provide a firm bid that satisfied Goldman [sachs & Co., adviser to the sellers] and the NBA.” Ressler said the sale of the Clippers, to former Microsoft CEO Steve Ballmer for a record $2 billion, had no impact at all on his valuation of the Hawks. A lot of the rising value of sports teams is tied to the value of their media rights, and he said he’s glad the Hawks have a local and national media contract in place for 10 years. “I don’t want to pretend like I look at this as an extraordinary investment opportunity. I’m in the investment business. This is unbelievably different and separate from Ares. There is no Ares involved in this, capital or otherwise. I hope we do okay with it. We know it’s a high-quality asset and we hope it’s treated in value as a high-quality asset over the next 10 or 20 or 30 years.” The ownership group’s job, he said, is to run the best franchise it can run and build something that is maybe much more substantial than it is today, with much more community involvement, individual and business. “I don’t have a really strong view on the future of its value. I’m confident it will be worth more in 10 years than it is today, just as sports rights are worth more. But as far as I’m concerned, this may sound strange, particularly for someone in the investment business, that wasn’t the No. 1 priority.” His priorities as far as making improvements start with the team, making sure that Budenholzer and General Manager Wes Wilcox have enough resources to re-sign players. Then come the non-basketball issues. “Of course you want to deal with traffic,” he said. “You want to deal with the parking. You want to deal with the fan experience. You want to see how we can bring fans earlier and [get them to] stay later and alleviate all of those issues.” But improving the practice facility and Philips Arena are important to pleasing fans and players, he said. “Historically, players love this town to live in, but not always to play. Just as we want our fans to play at our weight class, we want to play at our weight class. How could we not be a very, very high priority for NBA players with a choice? Or college players with a choice?” He says he doesn’t yet have a good answer about what to do about Philips Arena, but he knows change is needed. “I don’t think it’s news to suggest that Philips Arena does not feel like a top arena in the NBA today,” he said. “For whatever reasons, it hasn’t aged [well]. Philips Arena and Staples Center were both built the same year. Make a trip to L.A., and you tell me if they’ve aged in the same fashion. The arena and the practice facility need to improve somehow and we need to figure that out. It’s pretty obvious that we have that on our list in a five-year plan.” He’s excited about the new development across Atlanta, and especially downtown, with the new football stadium and a new convention hotel in the works. “It’s just extraordinary what’s going on there. Now it appears there are some very significant issues as well but I’m a believer that it’s going to get a lot better over the next 10 years in that general area and I think we’re going to participate in that.” And the rest of the five-year plan? How will Ressler know in 2020 whether his first five years were a success? First, they’d like to win a championship, or at least continue to play at a level they played at this past season. But even if they don’t win a crown, Ressler wants the team to communicate to the community — the business and overall community — a real commitment to quality performance, on and off the court, and build a loyal fan base. “Listen, the criticism of Atlanta fans has been that, until we won 60 games, we couldn’t get people in the arena. We have to change that. I’m not saying we want to change [a 60-win] season. But we have to create a commitment and relationship with the fans that is more substantial than in the past. That would be my definition of success over the next five years.” 5 Link to comment Share on other sites More sharing options...
RandomFan Posted July 6, 2015 Report Share Posted July 6, 2015 Good stuff. I think we might just end up liking Ressler. Link to comment Share on other sites More sharing options...
Guest Posted June 23, 2016 Report Share Posted June 23, 2016 Tony Ressler might be doing an interview on 92.9 The Game this afternoon. I caught the tail end so didn't catch the time. I will try and confirm if this is indeed true. Link to comment Share on other sites More sharing options...
Guest Posted June 23, 2016 Report Share Posted June 23, 2016 Coming up in a 'lil bit' whatever that means. Link to comment Share on other sites More sharing options...
HawkItus Posted June 23, 2016 Author Report Share Posted June 23, 2016 5 oclock hour JB Link to comment Share on other sites More sharing options...
Thomas Posted June 23, 2016 Report Share Posted June 23, 2016 Thanks for posting. Kessler sounds crazy bright and exactly what we have needed for so long. Kessler vs Atlanta Spirit. Sometimes six is not a half dozen. Great owners help create great teams. The history of the NBA displays that yearly. Happy he is here and is accessible. Link to comment Share on other sites More sharing options...
Guest Posted June 23, 2016 Report Share Posted June 23, 2016 18 minutes ago, HawkItus said: 5 oclock hour JB Thanks. Link to comment Share on other sites More sharing options...
Guest Posted June 24, 2016 Report Share Posted June 24, 2016 18 hours ago, HawkItus said: 5 oclock hour JB @Hawkltus Did you happen to catch the interview (or anyone else). Please provide a recap if available Thanks. Link to comment Share on other sites More sharing options...
Hawkmoor Posted June 24, 2016 Report Share Posted June 24, 2016 3 minutes ago, JayBirdHawk said: @Hawkltus Did you happen to catch the interview (or anyone else). Please provide a recap if available Thanks. Said he loves baskeball and dont want the Hawks to lose money. Link to comment Share on other sites More sharing options...
Guest Posted June 24, 2016 Report Share Posted June 24, 2016 4 minutes ago, Hawkmoor said: Said he loves baskeball and dont want the Hawks to lose money. I'm sure he said more than that, lol OK. Radio Replay at 11:00 on 92.9 The Game. Link to comment Share on other sites More sharing options...
Hawkmoor Posted June 24, 2016 Report Share Posted June 24, 2016 1 minute ago, JayBirdHawk said: I'm sure he said more than that, lol OK. Radio Replay at 11:00 on 92.9 The Game. Seriously, that was basically what he said. He is excited about owning the franchise, loves basketball and dont wanna lose money on it. Link to comment Share on other sites More sharing options...
Guest Posted June 24, 2016 Report Share Posted June 24, 2016 14 minutes ago, JayBirdHawk said: I'm sure he said more than that, lol OK. Radio Replay at 11:00 on 92.9 The Game. I saved all my "likes" last night and went to bed with none used ...:-/ Link to comment Share on other sites More sharing options...
Guest Posted June 24, 2016 Report Share Posted June 24, 2016 Just now, Spud2Nique said: I saved all my "likes" last night and went to bed with none used ...:-/ LOL. Link to comment Share on other sites More sharing options...
Guest Posted June 24, 2016 Report Share Posted June 24, 2016 4 minutes ago, JayBirdHawk said: LOL. I felt like that piece of crap Ainge with all his trade rumors but then got got at the end of the night. Lol Link to comment Share on other sites More sharing options...
Guest Posted June 24, 2016 Report Share Posted June 24, 2016 RECAP He's not a day to day owner, that falls to Koonin, Salzman, Wes and Bud He will be an active owner, it’s his job to make it better, still learning How do you manage the business aspect vs giving the fans what they want The Hawks are a community asset so we have to win games while not losing too much money · He’s a huge basketball fan and plays on Sunday, Loves the Sport, Thrilled to be an owner RENOVATIONS: · Practice facility comes first · No timing on renovation but needs to make it a better experience for fans, better access and upgrade suites (it’s tied into the Downtown Revitalization) FREE AGENTS: · Didn’t want to mention names, tampering etc · Wes and Bud are focused on that, Hawks trying their best to get better · He will be involved in recruiting and selling the City of Atlanta to prospective FAs · Atlanta is a marquee destination and they need to explain Atlanta better to potential FAs – they need to market more effectively than they have done in the past · The new practice facility is a great selling point – current, former and potential FAs care about their practice facilities · Whatever they do won’t be for lack of trying ON FANS SAYING – we make the playoffs but aren’t contending · They are correct · They have to be realistic and figure out how to great. Link to comment Share on other sites More sharing options...
Dejay Posted June 24, 2016 Report Share Posted June 24, 2016 56 minutes ago, Spud2Nique said: I saved all my "likes" last night and went to bed with none used ...:-/ Link to comment Share on other sites More sharing options...
Guest Posted June 24, 2016 Report Share Posted June 24, 2016 2 minutes ago, JayBirdHawk said: RECAP He's not a day to day owner, that falls to Koonin, Salzman, Wes and Bud He will be an active owner, it’s his job to make it better, still learning How do you manage the business aspect vs giving the fans what they want The Hawks are a community asset so we have to win games while not losing too much money · He’s a huge basketball fan and plays on Sunday, Loves the Sport, Thrilled to be an owner RENOVATIONS: · Practice facility comes first · No timing on renovation but needs to make it a better experience for fans, better access and upgrade suites (it’s tied into the Downtown Revitalization) FREE AGENTS: · Didn’t want to mention names, tampering etc · Wes and Bud are focused on that, Hawks trying their best to get better · He will be involved in recruiting and selling the City of Atlanta to prospective FAs · Atlanta is a marquee destination and they need to explain Atlanta better to potential FAs – they need to market more effectively than they have done in the past · The new practice facility is a great selling point – current, former and potential FAs care about their practice facilities · Whatever they do won’t be for lack of trying ON FANS SAYING – we make the playoffs but aren’t contending · They are correct · They have to be realistic and figure out how to great. Good stuff...I'm surprised he plays basketball on Sunday's. Lol. Link to comment Share on other sites More sharing options...
Guest Posted June 24, 2016 Report Share Posted June 24, 2016 2 minutes ago, Dejay said: @Dejay...you can use them now...lol nothing to hold back for until July 1st I hope. :-/ Link to comment Share on other sites More sharing options...
BigDog90 Posted June 24, 2016 Report Share Posted June 24, 2016 Hmm...a 5 year plan. Link to comment Share on other sites More sharing options...
Guest Posted June 26, 2016 Report Share Posted June 26, 2016 C-Viv article with Ressler Quote Despite an calm outward demeanor, Tony Ressler is more impatient and competitive than he lets on publicly. And he wants to bring a championship to Atlanta. So if the Hawks principle owner can buy the team and then break ground on a sorely needed, state-of-the-art practice facility in just one year, who is to argue with his ultimate goal for the NBA franchise? “Yes, we have an objective to be a great franchise,” Ressler told The Atlanta Journal-Constitution is an exclusive interview. “A great franchise has to win a championship. When I use the term, I think it’s healthier to say we want to be a great franchise than say I want a championship. You can’t be a great franchise without being a champ. So, we have to be a champ at some point. “Listen, it’s been a long time for Atlanta and I guess I can say never in the world of the NBA. We have an objective. It’s not easy to do. There are 29 other teams trying to do it. But I can tell you this: Under the category of investing in the team, investing in our players and investing in our coaching staff, I don’t think you are going to see us cut corners. You are going to see us try to be smart in what we do but I don’t think we’ll ever have to apologize for how we want to run this franchise.”Ressler and his ownership group closed on their purchase of the Hawks and Philips Arena on June 24, 2015. One year later to the day, the team made the large investment for a new $50 million practice facility in partnership with Emory Healthcare. The complex was ownership’s first priority, one they considered a necessity to compete in the NBA. Ressler recalled a dinner with Hawks star Al Horford, when he told the center in their very first meeting that an announcement on a new practice facility would be made in less than 12 months. “He looked at me like I was exaggerating,” Ressler recalled. “I wasn’t.” Ressler said the next priority for the franchise is the planned and partially begun remodeling of Philips Arena and its surrounding area. He has said it before and will say it again. There is a three-prong path for success: practice facility, arena and downtown, including the Gulch bordering on Philips. “We don’t think of those as luxuries,” Ressler said. “Please hear me. I think of those as requirements for this franchise to be great. I really believe that. Again, I think Atlantans are extraordinary but I think you must be immune. I’m still stunned by what the Gulch is in the middle of one of the greatest cities in the world. “I go to a lot of cities. We invest in a lot of cities and Atlanta is amazing. The most central location in all of the metropolitan area is a monster hole the last time I checked. Hopefully, that can be addressed and I think a lot of folks agree with me.” Ressler said he spent much of his first year observing the entire operation. He admits that the endeavor of owning a professional sports franchise was much more complicated that he first imagined. Call him foolish or naïve and you’d be right. It’s a modest-sized business to a billionaire who co-founded two private equity firms. Still, there is a lengthy list of concerns, including players, basketball operations, vending good food and beverage, ensuring efficient parking, sponsorships, arena management and any number of non-basketball events held at Philips. Ressler said he has full trust in those in charge of different aspects of the organization. He said his group bet on the success of people such as president of basketball operations and head coach Mike Budenholzer, general manager Wes Wilcox, CEO Steve Koonin, and executive vice presidents Thad Sheely, Andrew Saltzman and Scott Wilkinson. He said so far, that bet has paid off. Now, Ressler said he will become even more involved. “As I think the people inside the Hawks know, I’ve gotten somewhat more aggressive in how our organization could run better,” Ressler said. “I think it can and I think we have a really long road ahead to improve.” One of the driving forces to improve the organization is the pursuit of that championship. Ressler said the latest playoff series loss — the second straight season his Hawks have been swept by the Cavaliers — stung. “Unbelievably” was the adjective he used. While he realizes the players and coaches take defeats worse than he does, it’s a sign that change is in order. You cannot remain the same and continue to be run over by a freight train driven by LeBron James. “We lost four in a row and we lost to a better team so we have to figure out how to reposition our team,” Ressler said. “I think Bud and Wes are doing just that. How do we play differently? Maybe there are going to be a few different players. But our job is to get better. I’m not sure if it happens overnight. “But if the question is, are we comfortable losing four in a row two years in row? No. One thing I have learned is as much as I hate to lose, our coaching staff and our players hate it much more than I do. That’s what makes them professionals.” Ressler has not always been patient in his quest to make the necessary improvements for the organization that he and his family have quickly come to love. Work remaining to be done includes putting together a roster capable of competing for a championship. However, it must be done the right and smart way. He cautioned that other franchises that have shown too much impatience and their subsequent moves proved painful for years. “I’ve been told that before,” Ressler said of his impatience. “As my wife would tell you, it’s both very bad and very good and it depends on the day.” Link to comment Share on other sites More sharing options...
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