Joshua Harris (businessman)

Joshua Harris (born 1965) is a billionaire American private equity investor who co-founded Apollo Global Management, one of the world's largest alternative investment firms, and is a senior managing director of the firm.[2] Harris is the principal owner of the New Jersey Devils of the National Hockey League and the Philadelphia 76ers of the National Basketball Association, and owns an 18% stake in Crystal Palace of the English Premier League.

Joshua Harris
Born1965 (age 54–55)
NationalityAmerican
Other namesJosh Harris, Joshua J. Harris
Alma materWharton School of the University of Pennsylvania (BS)
Harvard Business School (MBA)
OccupationInvestor, sports team owner
Known forOwner of the New Jersey Devils
Managing partner of the Philadelphia 76ers
Co–Founder of Apollo Global Management
Shareholder of Crystal Palace
Net worthUS$4.9 billion (June 2020)[1]
Spouse(s)Marjorie Rubin
Children5

Early life and education

Harris was born to a Jewish family in 1965[3] and raised in Chevy Chase, Maryland.[4] He attended high school in Washington D.C at The Field School. Harris is a graduate of the Wharton School of the University of Pennsylvania, and received his MBA from the Harvard Business School.[1] He wrestled in college.[4] Harris strongly considered running for political office as a Republican before concluding that he could accomplish more in the private sector.[5]

Financial career

He worked at Drexel Burnham Lambert before co-founding Apollo Global Management with Leon Black and Marc Rowan in 1990. He is currently one of three managing partners of Apollo, along with Black and Rowan. As of 2018, his estimated net worth was $3.5 billion.[6][7][8][9]

Harris advised the Trump Administration on infrastructure policy.[10] Harris and White House advisor Jared Kushner reportedly discussed offering Harris a job in the Trump Administration.[10] Apollo Global Management subsequently loaned $184 million to Kushner Companies.[10] Apollo spokesman Charles V. Zehren stated that Harris was not involved in the decision to loan to Kushner.[10]

Sports career

Philadelphia 76ers

Harris and David S. Blitzer of the private equity firm Blackstone Group are the co-founders and managing partners of an investment group, Harris Blitzer Sports & Entertainment that won a $280 million bid for the purchase of the Philadelphia 76ers from Comcast Spectacor in 2011. The other members of the investment group were portfolio manager Art Wrubel, a fellow Wharton School of the University of Pennsylvania graduate,[4] as well as former NBA agent and Sacramento Kings executive Jason Levien, former Vail Resorts CEO Adam Aron, Martin J. Geller, David B. Heller, Travis Hennings, James Lassiter, Marc Leder, Michael Rubin, Will Smith & Jada Pinkett Smith, and Indonesian businessmen Handy Soetedjo & Erick Thohir.[11] Comcast Spectacor and Harris began talks in the summer of 2011. The deal was announced on July 13, 2011.[12] The NBA formally approved the deal on October 13.[13]

New Jersey Devils

On August 15, 2013, it was announced that HBSE, led by Harris and partner Blitzer purchased a majority stake in the New Jersey Devils of the NHL, which includes the rights to operate Prudential Center in Newark, New Jersey. The transaction was reportedly for over $320 million.[14]

Crystal Palace F.C.

Harris and Blitzer were rumored to be interested in purchasing Premier League team Aston Villa, following the announcement by Randy Lerner that the club is up for sale.[15] Harris was then further linked in acquiring South London club Crystal Palace, currently of the Premier League. [16] After more than a year of talks, Harris and Blitzer each bought an 18% stake in Crystal Palace in December 2015, matching the stake owned by team chairman Steve Parish and giving the three control of the club.[17][18]

Harris has also expressed interest in buying the first NFL team to be based out of London.[19]

Personal life

Harris is married to Marjorie Rubin, they have five children, and live in New York City.[1][20][21]

References
  1. "Forbes profile: Joshua Harris". Forbes. Retrieved June 13, 2020.
  2. "Why Sixers' owner Josh Harris is donating $10M to Wharton". Philadelphia Business Journal. Retrieved September 10, 2019.
  3. Forbes Israel: Jewish Billionaires - Profile of Joshua Harris April 14, 2013 (in Hebrew)
  4. Philadelphia Inquirer: "Those who know him say Joshua Harris, soon-to-be Sixers owner, lives for competition and success" By Kate Fagan August 2, 2011
  5. "New Devils owner Josh Harris an expert in risk management". Retrieved November 29, 2017.
  6. "Joshua Harris". Forbes. Retrieved February 18, 2019.
  7. Abbott, Henry. Sources: 76ers sales talks ongoing. ESPN, June 26, 2011.
  8. DiStefano, Joseph. Would-be Sixers owner Harris' Philly ties. The Philadelphia Inquirer, June 26, 2011.
  9. "Apollo Global Management: Our Team – Joshua Harris". agm.com.
  10. Drucker, Jesse; Kelly, Kate; Protess, Ben (February 28, 2018). "Kushner's Business Got Loans After White House Meetings". The New York Times.
  11. ESPN: "Group led by Joshua Harris completes purchase of Sixers" Archived October 18, 2013, at the Wayback Machine October 18, 2011
  12. Sale of 76ers to Joshua Harris finished. ESPN, July 13, 2011.
  13. Group led by Joshua Harris completes purchase of 76ers Archived October 18, 2013, at the Wayback Machine. Philadelphia 76ers, October 13, 2011.
  14. "Devils announce sale of team to billionaire Josh Harris". The Star-Ledger. August 15, 2013.
  15. Raeburn, Andrew (June 22, 2014). "Who are Villa's possible new owners Harris and Blitzer?". Metro.co.uk.
  16. Brenner, Steve (December 23, 2015). "Joshua Harris's Philadelphia story offers insight to Crystal Palace fans". The Guardian. ISSN 0261-3077. Retrieved June 28, 2020.
  17. "Sixers owner Josh Harris buys into Crystal Palace soccer club". NBC Sports Philadelphia. December 19, 2015. Retrieved June 28, 2020.
  18. "Crystal Palace: Deal agreed with US investors Harris and Blitzer". BBC Sport. December 18, 2015. Retrieved June 28, 2020.
  19. Lawrence, Mitch. "Why Billionaires Josh Harris, David Blitzer Are Dabbling in the Premier League: Think NFL in London". Forbes. Retrieved June 12, 2020.
  20. Legacy.com: "ALBERT RUBIN" January 5, 2012
  21. Wharton Magazine: "The Private-Equity Diaries" January 26, 2012
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