Who Is Josh Harris, the Washington Commanders’ New Owner?
An investment group led by Josh Harris, the billionaire owner of the Philadelphia 76ers and the New Jersey Devils, closed a deal to buy the Washington Commanders for an NFL record $6 billion from Daniel Snyder in July. Harris passed the 100-day mark of his NFL ownership at the end of October, a three-month period where he prioritized rebuilding trust and fostering community engagement. Here’s everything you need to know about the newest member of the ultra-elite club of NFL owners.
Who is Josh Harris?
Harris is an investor, entrepreneur, sports team owner and philanthropist, and he is considered one of the most successful investors in private equity history. He is a co-founder of Apollo Global Management, which merged with Athene last year.
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He grew up in Chevy Chase, Md., and attended the Wharton School at the University of Pennsylvania. He worked at investment bank Drexel Burnham Lambert for two years in New York City before attending Harvard Business School to earn his MBA. He later launched his own firm, Apollo (NYSE: APO), with former Drexel partners Leon Black and Marc Rowan in 1990. (Tony Ressler, who owns the Atlanta Hawks, is also a co-founder of the firm.)
Harris formerly served on the U.S. Olympic Committee and is a board member of Mount Sinai Hospital, Harvard Business School and Wharton School and serves on the Council on Foreign Relations.
How much is Harris worth?
The 58-year-old is worth $8.1 billion, according to the Bloomberg Billionaires Index.
How did Harris make his money?
Harris amassed a fortune cutting deals through his investment firm, which now has about $600 billion of assets under management.
After helping launch Apollo’s initial public offering, he cashed out one of the top private equity deals of all time in 2008. Apollo’s near-$2 billion bet—buying distressed debt of chemical company LyondellBasell—turned out to be a smart move. The company filed for bankruptcy a year later, and the value of the investment by Apollo exploded to almost $12 billion five years after that when the manufacturer went public.
Apollo exited with almost $10 billion in profit.
Harris also founded alternative asset firm 26North, which has more than $12 billion in assets. He stepped down from his day-to-day role in Apollo in 2021 to focus on his sports investments and philanthropic interests, though he retained a board seat until last year. He is also the founder of Harris Philanthropies, a nonprofit family foundation focusing on youth and community development.
What is Harris Blitzer Sports Entertainment (HBSE)?
About 15 years ago, Harris decided to team up with friend and business partner David Blitzer, a senior executive at private equity firm Blackstone Group. The duo formed Harris Blitzer Sports Entertainment in 2017. Through HBSE, Harris owns the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils, among other entities. Harris and Blitzer separately own Ripken Baseball (which merged with Cooperstown All-Star Village) and have an interest in English Premier League club Crystal Place.
HBSE, one of the most valuable U.S. sports companies, is also deeply involved in various real estate properties. The company operates the Prudential Center in New Jersey and the Wollman Rink in Central Park, among other proprieties in the tri-state area. Harris and HBSE are also seeking to build a $1.3 billion arena for the 76ers, with plans to leave the Comcast Spectacor-owned Wells Fargo Center.
Who else is in the ownership group of the Washington Commanders?
In purchasing the Commanders for an NFL record $6 billion, Harris teamed up with local billionaire Mitchell Rales, Los Angeles Lakers legend Magic Johnson and Blitzer. Harris’ ownership group also includes Washington Open chairman Mark Ein, LA Sparks managing partner Eric Holoman, Maverick Capital managing partner Lee Ainslie, former Google CEO Eric Schmidt, Blue Owl Capital co-CEO Marc Lipschultz and the Santo Domingo family.
Harris also holds a minority stake in NASCAR’s Joe Gibbs Racing; Gibbs, the former Washington coach, has also been brought as an unofficial advisor to Harris and others on the Commanders’ senior leadership team.
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