Tony Ressler
Antony P. Ressler (born October 12, 1960) is an American billionaire hedge fund manager and sports team owner.
Tony Ressler | |
|---|---|
| Born | October 12, 1960 Washington D.C., U.S. |
| Education | Georgetown University (BSFS) Columbia University (MBA) |
| Known for | Co-founder of Apollo Management; co-founder of Ares Management; minority owner of the Milwaukee Brewers; principal owner of the Atlanta Hawks |
| Spouse | |
| Children | 3 sons |
| Relatives | Debra Black (sister) Leon Black (brother-in-law) |
He co-founded the private equity firms Apollo Global Management in 1990,[1] and Ares Management in 1997.[2]
As of July 2022, his net worth was estimated by Forbes at $5.2 billion.[3]
Biography
Born in 1960 to a Jewish family,[4][5] Ressler was one of five children of Dorothy and Ira Ressler.[6] His father was an attorney and World War II veteran.[6] Ressler earned a BSFS from Georgetown University's School of Foreign Service and an MBA from Columbia Business School.[7] After university, he worked at Drexel Burnham Lambert eventually reaching senior vice president in the high yield bond department with responsibility for the new issue/syndicate desk.[7]
In 1990, on the heels of the collapse of Drexel Burnham Lambert, he co-founded the private equity firm Apollo Global Management with Leon Black, Drexel's managing director, head of the Mergers & Acquisitions Group, and co-head of the Corporate Finance Department; John Hannan, Drexel's former co-director of international finance; Craig Cogut, a lawyer who worked with Drexel's high-yield division in Los Angeles; Arthur Bilger, the former head of the Drexel's corporate finance department; and Marc Rowan, Josh Harris and Michael Gross, all of whom worked under Black in the mergers and acquisitions department.[8][9][10][11] In 1997, he co-founded Ares Management with former Apollo Global Management co-worker John H. Kissick and Bennett Rosenthal, who joined the group from the global leveraged finance group at Merrill Lynch.[12]
Philanthropy
Ressler is a member of the executive committee of the board of directors of the Cedars-Sinai Medical Center; finance chair and member of the executive committee of the Los Angeles County Museum of Art; a board member of Campbell Hall Episcopal School in Studio City, California; and one of the founding members of the board and finance chair of the Painted Turtle Camp, an organization that takes children with chronic and life-threatening illnesses on camping trips. Ressler is a supporter of military veterans through the work of The Greatest Generations Foundation.[7]
Sport
In 2005, he belonged to an investment group that made a successful bid led by Mark Attanasio to purchase Major League Baseball's Milwaukee Brewers.[13]
Since June 2015 he is the principal owner of the Atlanta Hawks basketball team, when he purchased the team for an estimated US$730 million.[14] It was ultimately sold to him for $850 million.[15][16]
To purchase Atlanta Hawks of the National Basketball Association Ressler formed a group that includes former NBA player Grant Hill, Sara Blakely, Jesse Itzler, Steven Price, and Rick Schnall.[17][18]
Personal life
On June 16, 1989, he married actress Jami Gertz.[4][19][20] They live in Los Angeles,[3] and have three sons: Oliver Jordan Ressler (born 1992), Nicholas Simon Ressler (born 1995), and Theo Ressler (born 1998). Gertz-Ressler High Academy, a member of Alliance College-Ready Public Schools, is named after the couple.[21] They are members of the Wilshire Boulevard Temple.[4]
His sister, Broadway producer Debra Ressler, is married to Apollo co-founder Leon Black.[22] His brother, Richard Ressler, is a principal and founder of CIM Investment management.[23]
References
- ^ Arash Massoudi (April 1, 2014). "Ares hopes to raise $500m in IPO". Financial Times.
- ^ "People:Ares Management LP (ARES.K)". Reuters. Retrieved February 18, 2015.
- ^ a b "Forbes profile: Antony Ressler". Forbes. Retrieved 27 March 2022.
- ^ a b c Jewish Journal: "It's Always Gilda - Actress Jami Gertz wants to do justice to the memory of the late SNL comedienne" By Naomi Pfefferman April 25, 2002
- ^ Atlanta Jewish Times: "Jewish Investor Buying Hawks" by David R. Cohen April 29, 2015
- ^ a b New York Times: "Paid Notice: Deaths RESSLER, IRA RICHARD" October 29, 2000
- ^ a b c Ares Management website: "Tony Ressler - Senior Partner 2012-11-05 at the Wayback Machine retrieved August 20, 2013
- ^ Ex-Drexel Executives Arrange Aid for Fruit of the Loom, August 24, 1990
- ^ Changes at Drexel Continue. New York Times, March 11, 1989
- ^ Drexel's Uncertain Future. New York Times, October 15, 1989
- ^ Drexel Divided on Settlement. New York Times, December 17, 1988
- ^ Ares Management to Take New Fund Public. Los Angeles Times, April 22, 2004
- ^ Milwaukee Journal Sentinel: "Two Investors from L.A. in on deal" by Don Walker April 27, 2005
- ^ Bloomberg: "NBA Governors Approve $730 Million Hawks Sale to Ressler's Group" By Scott Soshnick and Zeke Faux June 24, 2015
- ^ "Atlanta Hawks Sold to Ares' Ressler for $850 million, Group Includes Sara Blakely and Grant Hill". Atlanta Business Chronicle. April 24, 2015. Retrieved January 27, 2016.
- ^ Atlanta Hawks Selling for $850 Million. The Wall Street Journal. Ben Cohen. April 22, 2015. accessed February 9, 2016
- ^ Arnovitz, Kevin (April 22, 2015). "Hawks to be sold for nearly $850M to Antony Ressler-led group". ESPN.com. Retrieved April 22, 2015.
- ^ NBA: "Group Led By Tony Ressler Completes Purchase of Atlanta Hawks" June 25, 2015 | "Other investors include seven-time NBA All-Star Grant Hill, who will serve as Vice Chair of the Board, Townsquare Media Chair and CEO Steven Price, Clayton Dubilier & Rice partner Rick Schnall, and Spanx founder Sara Blakely and Marquis Jet co-founder Jesse Itzler, who are married"
- ^ "The 15 Most Charitable Celebrities in Hollywood". gotgravy.com. May 2, 2018. Retrieved September 9, 2018.
- ^ "Hawks representative Jami Gertz had a great reason for being at the NBA lottery". The Washington Post. May 16, 2018. Retrieved September 9, 2018.
- ^ Almendrala, Anna (15 June 2011). "'A Better Life' Hits Home For Inner-City Students At Movie Screening (VIDEO)". Huffington Post. Retrieved 15 November 2011.
- ^ Bloomberg: "Leon Black Loses to Carl Icahn as Apollo Sets New Credit Terms" By Anthony Effinger & Cristina Alesci July 7, 2010
- ^ Huffington Post: "Tony and Richard Ressler" retrieved August 20, 2013