Lifestyle

Apollo, Blackstone Execs. Buy Hockey Team

Aug 15 2013 | 12:34pm ET

A pair of private-equity honchos have added to their sporting empire.

Apollo Global Management co-founder Joshua Harris and the Blackstone Group's David Blitzer have acquired the New Jersey Devils hockey team for $320 million. The deal was approved by the National Hockey League yesterday and finalized this morning.

Harris and Blitzer two years ago bought basketball's Philadelphia 76ers. But the Devils give the two something they don't have in Philly: control of the team's arena and ownership of its lease. The Wells Fargo Center in Philly is owned by Comcast Spectacor, which owns the Devils' rival, the Philadelphia Flyers, who share the building with the Sixers.

Harris, who is unhappy with the Sixers' lease in Philadelphia, quickly moved to scotch concerns that he might move the team to the Prudential Center in Newark, N.J., which hosted the former New Jersey Nets basketball team until last year.

"The Sixers are staying in Philly," Harris said.

Sixers CEO Scott O'Neill, however, will not: He will become CEO of the financially-troubled Devils. Longtime Devils President Lou Lamoriello will remain with the team, as will former owner Jeff Vanderbeek, who becomes a senior adviser. Vanderbeek has been the Devils' majority owner since 2004.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Often seen as a passion project, or part of a philanthropic venture, rare and fine stringed instruments offer an exciting option to diversify one’s investment portfolio while providing an opportunity for an exceptional long-term investment.