Tony Ressler: A Nexus of Finance, Philanthropy, and Professional Sports
An academic exploration into the multifaceted career and significant impact of a leading American investor and sports magnate.
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Overview
A Titan of Private Equity
Antony P. Ressler, born on October 12, 1960, in Washington D.C., stands as a prominent figure in American business. He is widely recognized as the co-founder of two influential private equity firms: Apollo Global Management, established in 1990[1], and Ares Management, founded in 1997[2]. His strategic acumen in the financial sector has cemented his reputation as a formidable investor.
Owner of the Atlanta Hawks
Beyond his significant contributions to finance, Ressler is also a notable presence in the world of professional sports. In 2015, he led an investment group that successfully acquired the NBA's Atlanta Hawks basketball team[14]. This venture highlights his diverse interests and capacity for leadership across varied industries.
Financial Standing
Ressler's extensive career and successful ventures have resulted in substantial wealth. As of 2024, his net worth was estimated to be an impressive $11.3 billion[3], underscoring his profound impact on the global financial landscape.
Career Genesis
Educational Foundations
Ressler's academic journey laid a robust groundwork for his future in finance. He earned a Bachelor of Science in Foreign Service (BSFS) from Georgetown University's prestigious Walsh School of Foreign Service. Furthering his expertise, he obtained a Master of Business Administration (MBA) from Columbia Business School[7], equipping him with advanced business and financial knowledge.
Early Professional Trajectory
Following his graduate studies, Ressler commenced his career at Drexel Burnham Lambert, a prominent investment bank. He ascended to the position of senior vice president within the high yield bond department, where he was responsible for the new issue/syndicate desk[7]. This early experience provided him with critical insights into complex financial instruments and market operations.
Founding Apollo Global Management
In the wake of Drexel Burnham Lambert's collapse in 1990, Ressler co-founded Apollo Global Management. This pivotal move marked the beginning of his entrepreneurial journey in private equity. He established the firm alongside a distinguished group of former Drexel colleagues, including Leon Black, John Hannan, Craig Cogut, Arthur Bilger, Marc Rowan, Josh Harris, and Michael Gross[8][9][10][11].
Investment Ventures
Co-founding Ares Management
Building on his success with Apollo, Ressler further expanded his influence in the financial sector by co-founding Ares Management in 1997. He partnered with John H. Kissick, a former colleague from Apollo Global Management, and Bennett Rosenthal, who joined from Merrill Lynch's global leveraged finance group[12]. Ares Management quickly grew into another significant player in the private equity and credit markets.
Global Financial Reach
Both Apollo Global Management and Ares Management have grown into global powerhouses, specializing in private equity, credit, and real estate investments. Ressler's leadership and strategic vision have been instrumental in shaping these firms, contributing to their extensive portfolios and significant market presence. These ventures demonstrate his enduring capacity to identify and capitalize on complex investment opportunities.
Philanthropic Impact
Healthcare and Arts Advocacy
Tony Ressler is deeply committed to philanthropic endeavors, particularly in healthcare and the arts. He serves as a member of the executive committee of the board of directors for the Cedars-Sinai Medical Center, a leading institution in medical research and patient care[7]. Additionally, he holds the position of finance chair and is a member of the executive committee for the Los Angeles County Museum of Art (LACMA)[7], supporting cultural enrichment and artistic preservation.
Supporting Youth and Veterans
His philanthropic efforts extend to supporting children facing adversity and honoring military veterans. Ressler is a board member of Campbell Hall Episcopal School in Studio City, California[7]. Furthermore, he is a founding member of the board and finance chair of the Painted Turtle Camp, an organization dedicated to providing enriching camping experiences for children with chronic and life-threatening illnesses[7]. Ressler also actively supports military veterans through his work with The Greatest Generations Foundation[7].
Sports Ownership
Entry into Major League Baseball
Ressler's foray into professional sports began in 2005 when he joined an investment group led by Mark Attanasio. This group successfully acquired the Milwaukee Brewers, a Major League Baseball (MLB) team[13]. This initial investment demonstrated his interest in sports franchises and his ability to collaborate on large-scale acquisitions.
Acquiring the Atlanta Hawks
In June 2015, Tony Ressler took a leading role in acquiring the NBA's Atlanta Hawks basketball team. The initial reported sale price was US$730 million[14], though it was ultimately finalized at $850 million[15][16]. This acquisition marked a significant milestone in his career, placing him at the helm of a major professional sports franchise.
Key Co-Investors
The group that acquired the Atlanta Hawks included several prominent figures, bringing diverse expertise and influence to the ownership team. These minority investors were: Grant Hill, a seven-time NBA All-Star who serves as Vice Chair of the Board; Sara Blakely, the founder of Spanx; Jesse Itzler, co-founder of Marquis Jet; Steven Price, Chair and CEO of Townsquare Media; and Rick Schnall, a partner at Clayton Dubilier & Rice[17][18]. This collective ownership reflects a blend of sports knowledge, entrepreneurial success, and financial acumen.
Personal Life
Family and Residence
Tony Ressler is married to acclaimed actress Jami Gertz, whom he wed on June 16, 1989[4][19][20]. The couple resides in Los Angeles[3] and are parents to three sons. Their commitment to community is further evidenced by the Gertz-Ressler High Academy, a member of Alliance College-Ready Public Schools, which is named in their honor[21]. They are also active members of the Wilshire Boulevard Temple[4].
Notable Family Connections
Ressler's family also includes other prominent individuals. His sister, Debra Ressler, is a Broadway producer and is married to Leon Black, one of Tony Ressler's co-founders at Apollo Global Management[22]. His brother, Richard Ressler, is a principal and founder of CIM Investment Management[23], further illustrating a family legacy deeply rooted in finance and business.
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References
References
- Atlanta Jewish Times: "Jewish Investor Buying Hawks" by David R. Cohen April 29, 2015
- New York Times: "Paid Notice: Deaths RESSLER, IRA RICHARD" October 29, 2000
- 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
- Atlanta Hawks Selling for $850 Million. The Wall Street Journal. Ben Cohen. April 22, 2015. accessed February 9, 2016
- Huffington Post: "Tony and Richard Ressler" retrieved August 20, 2013
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