Josh Harris is a billionaire hedge fund. He is also the owner of the NBA Philadelphia 76ers. Now he is looking to add another professional sports franchise to his portfolio – and he is managing his burgeoning sports empire a lot as a hedge fund, assessing risks and potential profit margins. Harris is one of the co-founders of Apollo Global Management, so he knows what he is talking about. It doesn’t hurt that Harris has a competitive edge, which he perfected as a university wrestler at the University of Pennsylvania. Oh, and the 76ers aren’t the only jewel in Harris’ sports empire. He is also the owner of the NHL’s New Jersey Devils and the London Football Team of the Crystal Palace Football Club. In addition, he has a small stake in the Pittsburgh Steelers. Now he wants to add the New York Nets to his sports empire. Harris owns these teams through its sports investment company, Harris Blitzer Sports & Entertainment.
Owning the Mets would be a big deal for Harris and his sports empire. The Mets auction is in the early stages. However, Mets fans – who haven’t won a world series since 1986 – should be in favor of Harris. Since purchasing the 76ers in 2011, it has installed new management, upgraded facilities, sought out star players, and made solid efforts to try to bypass besieged sports franchises. Oh, and by the way, Harris has been a fan of the Mets since the early 1960s.
Of course, Harris’ offer to buy the Mets faces some competition, of course. Last year, another hedge fund titan, Steve Cohen, offers $ 2.7 billion for the Mets. This agreement did not succeed. Cohen is currently a minority owner of the team. Alex Rodriguez and Jennifer Lopez are said to be working on a team purchase proposal with biotechnology investor Wayne Rothbaum and Galatitoto Sports Partners – an investment bank in New York – who may invest $ 250 million in the offer ‘ARod and JLo for Mets. Yet Harris seems to be the best choice … here’s why:
At Apollo, Harris has $ 350 billion under management and is known to be one of the most aggressive investors in the industry. Its position on the chemical company LyondellBasell alone helped Apollo earn $ 12 billion on an investment of $ 2 billion over a period of five years, for example. The salary he brings home to make such deals earned him enough to buy a $ 45 million seven-story apartment on Manhattan’s Upper East Side. He has a net worth of $ 2.7 billion.
Harris is a lifelong athlete. He fought for the University of Pennsylvania during his first year at university. He played competitive basketball with friends. In 2011, he brought together a group of friends from the university, including Tony Ignaczak, president of Quad-C Partners, and David Blitzer of Blackstone Management to buy the 76ers. The team struggled in all ways on and off the field. They hadn’t won an NBA championship since 1983. This group became Harris Blitzer Sports & Entertainment.
Harris leads his teams as he would a company in his portfolio. He considers the long term, so that his teams compete for the championships year after year after year. Harris hired people with doctorates. to analyze player statistics. Anyone else thinking of Billy Beane and Moneyball? Harris seems to be taking a similar approach to running his NBA and NHL, and if he ends up buying the Mets, the MLB teams.
It’s been nine years since Harris took over the 76ers. The team has yet to reach the NBA Finals, but in all other ways, the Sixers are in better shape than before Harris and his group bought the team. Mets fans know their team could use the kind of management style and help that Harris brings.