Josh Harris’ the billionaire owner of the Philadelphia 76ers and the New Jersey Devils’ recently made headlines by leading an investment group that acquired the Washington Commanders for a whopping $6 billion in a record-breaking NFL deal. As he approaches his 100-day mark of NFL ownership’ here’s a closer look at the newest member of the exclusive club of NFL team owners.
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Who is Josh Harris?
Josh Harris is a multifaceted individual with a significant presence in the worlds of finance’ sports’ and philanthropy. He’s an accomplished investor’ entrepreneur’ sports team owner’ and philanthropist. Harris is renowned as one of the most successful investors in private equity history. He co-founded Apollo Global Management’ a global investment firm that merged with Athene in the recent past.
Harris’s journey began in Chevy Chase’ Maryland. He pursued his education at the prestigious Wharton School at the University of Pennsylvania. After a brief stint at the investment bank Drexel Burnham Lambert in New York City’ he pursued an MBA at Harvard Business School. In 1990’ he’ along with his former Drexel partners Leon Black and Marc Rowan’ launched his own firm’ Apollo’ which is now a financial powerhouse. Notably’ Tony Ressler’ owner of the Atlanta Hawks’ is also a co-founder of Apollo.
Beyond his financial career’ Harris has made significant contributions to the U.S. Olympic Committee and serves on the boards of Mount Sinai Hospital’ Harvard Business School’ Wharton School’ and the Council on Foreign Relations.
How Wealthy is Harris? Josh Harris is a billionaire with an estimated net worth of $8.1 billion’ according to the Bloomberg Billionaires Index.
Harris’s Path to Wealth Harris’s fortune was amassed through his strategic deal-making within his investment firm. Apollo Global Management’ under his leadership’ now manages assets worth about $600 billion. He achieved tremendous success with Apollo’s initial public offering’ and one of his notable deals was cashing out in 2008. Apollo’s investment in distressed debt of chemical company LyondellBasell turned out to be highly profitable when the manufacturer went public’ eventually generating a nearly $10 billion profit for Apollo.
Harris also founded alternative asset firm 26North’ which currently manages over $12 billion in assets. His focus on sports investments and philanthropic interests led him to step down from his day-to-day role at Apollo in 2021’ although he retained a board seat until the following year. Additionally’ he is the founder of Harris Philanthropies’ a family foundation that emphasizes youth and community development.
Harris Blitzer Sports Entertainment (HBSE) Around 15 years ago’ Josh Harris joined forces with his friend and business partner’ David Blitzer’ a senior executive at the private equity firm Blackstone Group. Together’ they established Harris Blitzer Sports Entertainment (HBSE) in 2017. Through HBSE’ Harris has ownership stakes in the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils’ among other sports entities. Harris and Blitzer also have interests in Ripken Baseball’ which merged with Cooperstown All-Star Village’ and are affiliated with the English Premier League club Crystal Palace.
HBSE’ recognized as one of the most valuable sports companies in the United States’ is also involved in various real estate properties. The company manages and operates venues such as the Prudential Center in New Jersey and the Wollman Rink in Central Park’ among other properties in the tri-state area. Harris and HBSE have ambitious plans to construct a $1.3 billion arena for the 76ers’ potentially moving away from the Wells Fargo Center’ which is owned by Comcast Spectacor.
Ownership Group of the Washington Commanders In the purchase of the Washington Commanders for a record-breaking $6 billion’ Josh Harris collaborated with a noteworthy ownership group. The group includes local billionaire Mitchell Rales’ basketball legend Magic Johnson’ and his longtime partner David Blitzer. Mark Ein’ chairman of the Washington Open’ Eric Holoman’ managing partner of the LA Sparks’ Lee Ainslie’ managing partner of Maverick Capital’ former Google CEO Eric Schmidt’ Marc Lipschultz’ co-CEO of Blue Owl Capital’ and the Santo Domingo family are also part of this influential consortium.
Additionally’ Josh Harris holds a minority stake in NASCAR’s Joe Gibbs Racing. Joe Gibbs’ the former Washington coach’ has been enlisted as an unofficial advisor to Harris and other key members of the Commanders’ senior leadership team’ adding a wealth of experience to the franchise’s leadership.
Josh Harris’s diverse journey from finance to sports ownership’ along with his philanthropic endeavors’ makes him a prominent and influential figure in the realms of business and sports. As he continues to shape the future of the Washington Commanders’ his impact on the NFL and the world of sports is something to watch closely.
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