Joshua Harris (businessman)

Last updated

Joshua Harris
Born1965 (age 5455)
NationalityAmerican
Other namesJosh Harris, Joshua J. Harris
Alma mater Wharton 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 worth US$4.9 billion (July 2020) [1]
Spouse(s)Marjorie Rubin
Children5

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.

Contents

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 1986 graduate of the Wharton School of the University of Pennsylvania, earning a B.S. in economics, [5] [6] and received his MBA from the Harvard Business School where he graduated as a Baker Loeb Scholar. [1] [7] He wrestled in college. [4]

Financial career

He worked at Drexel Burnham Lambert before co-founding Apollo Global Management with Leon Black and Marc Rowan in 1990. [8]

Harris and Rowan were named Buyout Pros of the Year for 2004 by BuyoutsInsider.com. [9]

In 2008, Harris and his Apollo partners invested $2 billion into LyondellBasell before it filed for bankruptcy in 2009. When Apollo eventually sold their shares in the company in 2013, [10] they realized a paper profit of $9.6 billion, the biggest profit ever from a private equity investment according to Bloomberg. [11]

He is currently one of three managing partners of Apollo, along with Black and Rowan. As of July 2020, his estimated net worth was $4.9 billion. [8] [12] [13] [14]

Harris advised the Trump Administration on infrastructure policy. [15] Harris and White House advisor Jared Kushner reportedly discussed offering Harris a job in the Trump Administration. [15] Apollo Global Management subsequently loaned $184 million to Kushner Companies. [15] Apollo spokesman Charles V. Zehren stated that Harris was not involved in the decision to loan to Kushner. [15]

As of the end of 2019, Harris and his Apollo partners reported that the firm had $331 billion in assets under management. [16] [17]

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. [18] Comcast Spectacor and Harris began talks in the summer of 2011. The deal was announced on July 13, 2011. [19] The NBA formally approved the deal on October 13. [20]

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. [21]

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. [22] Harris was then further linked in acquiring South London club Crystal Palace, currently of the Premier League. [23] 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. [24] [25]

Additional portfolio items

Harris and Blitzer, through Harris Blitzer Sports and Entertainment, also own the NBA G League's Delaware Blue Coats, the AHL's Binghamton Devils, esports team Dignitas of New Meta Entertainment, [26] [27] sports tech venture capital firm HBSE Ventures, [28] and marketing, hospitality, and event ticketing company Elevate Sports Ventures. [29]

Harris has also expressed interest in buying the first NFL team to be based out of London. [30] [31] [32] In 2020, Bloomberg reported that Harris & Blitzer acquired a stake of less than 5% in the NFL's Pittsburgh Steelers. As part of this transaction, the two joined the ownership group as passive investors. The stake was not part of their holding company, Harris Blitzer Sports & Entertainment. [33]

Philanthropy

Harris and his wife Marjorie co-founded Harris Philanthropies, formerly known as the Harris Family Charitable Foundation, [34] in 2014. The foundation’s stated goals are "to uplift communities in need, pioneer solutions and promote education and leadership development." [35]

Harris has supported After-School All-Stars and America SCORES which help low-income youth to combine their love of athletics with academic success. [36]

In August 2020, Harris and his wife gave a $2 million grant to the Bridgespan Group to launch Leading for Impact, a leadership program to serve Philadelphia area nonprofits. [35]

In February 2019, Harris and his wife gave $10 million [37] to his alma mater, Penn’s Wharton School, to establish the Joshua J. Harris Alternative Investments Program. Previously, Harris established the school’s Harris Family Endowed Scholarship. [38] In July 2018, the family’s foundation also donated $1 million to support Penn’s wrestling program. [39]

In 2015, Harris committed to donate $3.5 million over 5 years to the Philadelphia Police Athletic League, a cause committed to helping Philadelphia children. This was the largest gift in the organization’s history. [40]

Personal life

Harris is married to Marjorie Rubin, they have five children, and live in New York City. [1] [41] [42] [43] Harris sits on the board of Mount Sinai Medical Center, [44] Harvard Business School, [45] and Wharton’s Board of Overseers. [5] In 2013, he was honored by the National Wrestling Hall of Fame with the Outstanding American Award. [46]

Related Research Articles

Daniel Snyder Owner of the Washington Football Team

Daniel Marc Snyder is an American businessman who is the controlling owner of the Washington Football Team, an American football team belonging to the National Football League (NFL). Snyder bought the team, then known as the Redskins, from Jack Kent Cooke's estate in 1999. He was also the founder of Snyder Communications.

Stephen M. Ross American businessman

Stephen M. Ross is an American real estate developer, philanthropist, and sports team owner. Ross is the chairman and majority owner of The Related Companies, a global real estate development firm he founded in 1972. Related is best known for developing the Time Warner Center, where Ross lives and works, as well as the Hudson Yards Redevelopment Project. According to Forbes magazine, Ross has a net worth of $7.6 billion in 2020, ranking him 185 on Forbes Billionaires List in 2020. Ross is also the principal owner of the Miami Dolphins and Hard Rock Stadium. In 2020, his net worth had increased to $7.6 billion, according to Forbes.

Stan Kroenke American businessman

Enos Stanley Kroenke is an American billionaire businessman. He is the owner of Kroenke Sports & Entertainment, which is the holding company of English Premier League football club Arsenal F.C., the Los Angeles Rams of the NFL, Denver Nuggets of the NBA, Colorado Avalanche of the NHL, Colorado Rapids of Major League Soccer, Colorado Mammoth of the National Lacrosse League, the Los Angeles Gladiators of the Overwatch League, and the newly formed Los Angeles Guerrillas of the Call of Duty League.

Laurene Powell Jobs American business executive, philanthropist, billionaire

Laurene Powell Jobs is an American billionaire heiress, businesswoman, executive and the founder of Emerson Collective, an organization that, among other investing and philanthropic activities, advocates for policies concerning education reform, social redistribution and environmental conservation. She is also co-founder and president of the board of College Track, which prepares disadvantaged high school students for college. Powell Jobs resides in Palo Alto, California, with her three children. She is the widow and heir of Steve Jobs, co-founder and former CEO of Apple Inc. She manages the Laurene Powell Jobs Trust.

Apollo Global Management American private equity firm

Apollo Global Management, Inc., is a global alternative investment manager firm. It was founded in 1990 by Leon Black, Josh Harris, and Marc Rowan. Apollo is headquartered in New York City, with offices across North America, Europe and Asia. The company's stock is publicly traded on the NYSE under the symbol 'APO'.

Edward Stefanski is an American sports executive and former professional basketball player.

Andell Inc. is a private investment firm and family office. Andell manages assets that grew out of the family’s controlling position of The Seagram Co. Ltd. Andell’s current activities include direct and indirect investments in public and private companies, real estate, and partnerships with investment managers.

Leon David Black is an American investor and art collector. He specializes in leveraged buyouts and private equity. He co-founded the private equity firm Apollo Global Management in 1990. He is the chairman of MoMA.

Gideon Lee Yu is a Korean-American technology, media and sports investor, executive and advisor.

Yuri Milner Russian entrepreneur and physicist

Yuri Borisovich (Bentsionovich) Milner is an Israeli-Russian entrepreneur, venture capitalist and physicist. Milner is Russia's most influential information technology (tech) investor. He is a cofounder and former chairperson of internet company Mail.Ru Group and a founder of investment firm DST Global. Through DST Global, Milner is an investor in Byju’s, VKontakte, Facebook, Zynga, Stripe, Twitter, Flipkart, Spotify, Zocdoc, Groupon, JD.com, Xiaomi, OlaCabs, Alibaba, Airbnb, WhatsApp, Nubank, Wish, and many others.

Michael G. Rubin is an American businessman. He is the executive chairman of Fanatics, the world's leading provider of licensed sports merchandise; and Rue Gilt Groupe, the premier off-price e-commerce portfolio company, which includes RueLaLa.com, Gilt.com, and ShopPremiumOutlets.com. He previously founded GSI Commerce in 1998, selling it to eBay in 2011 for $2.4 billion.

Erick Thohir Indonesian politician and businessman

Erick Thohir is an Indonesian politician and businessman. He is the founder and chairman of Mahaka Group, a holding company which focuses on media and entertainment. He was also the owner of Inter Milan and D.C. United, Director of Oxford United and President Director of antv and President of the Indonesian Olympic Committee. As of 23 October 2019 he is Minister of State Owned Enterprises in Indonesia. H

Marc J. Leder is an American businessperson who currently serves as the co-chief executive officer of Sun Capital Partners, Inc., which is based in Boca Raton, Florida, United States.

Marc J. Rowan is an American billionaire businessman and co-founder of the private equity firm Apollo Global Management.

David S. Blitzer is a co-managing partner and minority owner of the New Jersey Devils of the National Hockey League, Philadelphia 76ers of the National Basketball Association, Crystal Palace FC of the English Premier League, Waasland-Beveren of the Belgian Jupiler Pro League, the Scranton Wilkes/Barre RailRiders of the Triple-A International League, esport company Dignitas, and a senior executive at the private equity firm Blackstone Group.

Arthur Mitchell Wrubel is an American private equity investor who founded Wesley Capital Management, LLC and is a minority owner of the Philadelphia 76ers of the National Basketball Association.

Joshua Samuel Garnett is an American football guard for the Washington Football Team of the National Football League (NFL). He played college football for the Stanford Cardinal and was drafted by the San Francisco 49ers in the first round of the 2016 NFL Draft. He has also been a member of the Detroit Lions.

David B. Heller is an American businessman, former Goldman Sachs executive, and minority owner in the Philadelphia Sixers.

Martin J. Geller is an American businessman, founder of Geller & Company, and a minority owner in the Philadelphia 76ers.

Harris Blitzer Sports & Entertainment

Harris Blitzer Sports & Entertainment is an American sports and entertainment company headquartered in Camden, New Jersey that owns and operates the Philadelphia 76ers of the National Basketball Association and the New Jersey Devils of the National Hockey League as well as other properties in the sports and entertainment industries.

References

  1. 1 2 3 "Forbes profile: Joshua Harris". Forbes . Retrieved July 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. 1 2 3 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. 1 2 Hermann, Adam (February 21, 2019). "Sixers owner Josh Harris gives $10 million to Penn's Wharton School". www.phillyvoice.com. Retrieved August 17, 2020.
  6. "Officer Profile | Quotes | Reuters.co.in". in.reuters.com. Retrieved August 17, 2020.
  7. Brodsky, Matthew (January 26, 2012). "The Private-Equity Diaries". Wharton Magazine. Retrieved August 17, 2020.
  8. 1 2 "Joshua Harris". Forbes. Retrieved July 14, 2020.
  9. Meikle, Brad (February 28, 2005). "Buyout Pros of the Year: Josh Harris & Marc Rowan of Apollo -". Buyouts. Retrieved July 14, 2020.
  10. Vardi, Nathan. "How One Billionaire's Bet On LyondellBasell Turned Into The Greatest Deal In Wall St. History". Forbes. Retrieved July 14, 2020.
  11. Carey, David (June 25, 2013). "Apollo Fueled by $9.6 Billion Profit on Debt Beats Peers". www.bloomberg.com. Retrieved July 14, 2020.
  12. Abbott, Henry. Sources: 76ers sales talks ongoing. ESPN, June 26, 2011.
  13. DiStefano, Joseph. Would-be Sixers owner Harris' Philly ties. The Philadelphia Inquirer, June 26, 2011.
  14. "Apollo Global Management: Our Team – Joshua Harris". agm.com.
  15. 1 2 3 4 Drucker, Jesse; Kelly, Kate; Protess, Ben (February 28, 2018). "Kushner's Business Got Loans After White House Meetings". The New York Times .
  16. Inc, Apollo Global Management (March 12, 2020). "Apollo Global Management Announces New $500 Million Share Repurchase Authorization". GlobeNewswire News Room. Retrieved July 14, 2020.
  17. "Markets 'have become more punitive' for firms that miss earnings targets". The National. Retrieved July 14, 2020.
  18. ESPN: "Group led by Joshua Harris completes purchase of Sixers" Archived October 18, 2013, at the Wayback Machine October 18, 2011
  19. Sale of 76ers to Joshua Harris finished. ESPN, July 13, 2011.
  20. Group led by Joshua Harris completes purchase of 76ers Archived October 18, 2013, at the Wayback Machine . Philadelphia 76ers, October 13, 2011.
  21. "Devils announce sale of team to billionaire Josh Harris". The Star-Ledger . August 15, 2013.
  22. Raeburn, Andrew (June 22, 2014). "Who are Villa's possible new owners Harris and Blitzer?". Metro.co.uk.
  23. 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.
  24. "Sixers owner Josh Harris buys into Crystal Palace soccer club". NBC Sports Philadelphia. December 19, 2015. Retrieved June 28, 2020.
  25. "Crystal Palace: Deal agreed with US investors Harris and Blitzer". BBC Sport. December 18, 2015. Retrieved June 28, 2020.
  26. "David Abrams Named Head of Investments at Harris Blitzer Sports & Entertainment". www.sporttechie.com. Retrieved July 6, 2020.
  27. "HBSE flexing its financial muscle thanks to appointment of head of investments". SportBusiness. February 25, 2020. Retrieved July 6, 2020.
  28. "76ers owners appoint investment chief for esports and other ventures". VentureBeat. February 25, 2020. Retrieved July 6, 2020.
  29. "San Francisco 49ers, HBSE and CAA team up to create Elevate Sports Ventures - SportsPro Media". www.sportspromedia.com. Retrieved July 6, 2020.
  30. Lawrence, Mitch. "Why Billionaires Josh Harris, David Blitzer Are Dabbling in the Premier League: Think NFL in London". Forbes. Retrieved June 12, 2020.
  31. Ballers, Liberty (December 10, 2015). "Report: Josh Harris Wants To Sell Sixers, Put NFL Team In London". www.chatsports.com. Retrieved July 6, 2020.
  32. Hofmann, Rich (December 10, 2015). "Report: Josh Harris and David Blitzer want to own NFL team in London, flip Sixers". www.phillyvoice.com. Retrieved July 6, 2020.
  33. Schatzker, Erik (June 15, 2020). "76ers Owners Harris and Blitzer Acquire Stake in NFL's Steelers". www.bloomberg.com. Retrieved July 6, 2020.
  34. "Harris Philanthropies, Inc". OpenCorporates.com. Retrieved September 17, 2020.
  35. 1 2 Narducci, Marc (August 12, 2020). "Sixers managing partner Josh Harris is part of a multimillion-dollar donation to help Philadelphia-area nonprofits". The Philadelphia Inquirer . Retrieved September 17, 2020.
  36. "Joshua Harris". Forbes. Retrieved August 24, 2020.
  37. Aneja, Anushree. "Wharton receives $10 million from 76ers owner and alum Joshua Harris". www.thedp.com. Retrieved August 24, 2020.
  38. Hermann, Adam (February 21, 2019). "Sixers owner Josh Harris gives $10 million to Penn's Wharton School". www.phillyvoice.com. Retrieved August 24, 2020.
  39. Aneja, Anushree. "Wharton receives $10 million from 76ers owner and alum Joshua Harris". www.thedp.com. Retrieved August 24, 2020.
  40. "Josh Harris to give $3.5 million to PAL of Philadelphia". NBC Sports Philadelphia. August 27, 2015. Retrieved August 24, 2020.
  41. Legacy.com: "ALBERT RUBIN" January 5, 2012
  42. Wharton Magazine: "The Private-Equity Diaries" January 26, 2012
  43. Raz, Gali (August 12, 2013). "Joshua Harris Reported Ready To Step In And Save The New Jersey Devils". Jewish Business News .
  44. "Here's Another Apollo Global Billionaire To Keep An Eye On". Inside Philanthropy. Retrieved August 17, 2020.
  45. "Josh Harris, W'86". Wharton Global Forum — New York 2018. Retrieved August 17, 2020.
  46. "National Wrestling Hall of Fame and Museum Announces Class of 2013 | National Wrestling Hall of Fame" . Retrieved August 17, 2020.