Alan Smolinisky
Alan Smolinisky | |
|---|---|
 Smolinisky delivers address to thousands of new U.S. Citizens at Dodger Stadium. | |
| Born | November 28, 1979 |
| Nationality | American |
| Alma mater | University of Southern California |
| Occupation | Entrepreneur/investor |
| Spouse | |
| Children | 3 |
Alan Smolinisky is an American entrepreneur/investor and part-owner of the Los Angeles Dodgers Major League Baseball franchise.[1][2][3][4][5][6] In June 2022, Smolinisky partnered with Nike founder Phil Knight and submitted an offer of more than $2 billion to purchase the Portland Trail Blazers National Basketball Association franchise.[7][8][9]
Smolinisky began his career in commercial real estate in the late 1990s while attending the University of Southern California. Smolinisky partnered with his then landlord Brian Chen. Together, through their company Conquest Student Housing, they built and renovated properties around Campus, eventually becoming the largest provider of student housing at USC,[10] and later at the University of California at Santa Barbara. Conquest became so dominant at USC that the university sued the company under the Sherman Antitrust Act for "monopolizing the student housing market around USC's University Park Campus".
The company was sold to a private equity firm and publicly traded REIT in summer 2008 for $205 million. After the sale, Smolinisky and Chen focused on public securities investment.
Smolinisky and Chen are value investors, an investment paradigm that derives from the ideas on investment that Benjamin Graham and David Dodd began teaching at Columbia Business School in 1928, focusing on acquiring assets below their intrinsic value. Today, that movement is most closely associated with Berkshire Hathaway chairman Warren E. Buffett and vice chairman Charlie T. Munger.
Smolinisky and Chen manage their own personal capital from Los Angeles with investments in commercial real estate, publicly traded securities, energy, capital equipment leasing and venture capital.
The Los Angeles Dodgers
[edit]Smolinisky became an owner of the Los Angeles Dodgers and the team's home, Dodger Stadium, in 2019, joining partners Mark Walter, Earvin "Magic" Johnson, Peter Guber, Bobby Patton, Todd Boehly and Billie Jean King. In the team's press release announcing his purchase, Smolinisky said "I'm a lifelong Dodger fan and to now be a part of their ownership group is an exciting opportunity and time for me and my family."[11][12][13][14][15][16][17]
In a Time magazine piece written by Smolinisky, he described his poor immigrant father learning to speak English by listening to Vin Scully’s Dodger broadcast while he worked as a janitor. Smolinisky has said the purchase was to honor his immigrant father's love of America and baseball.[18][19]
In its 2024 rankings, Sportico estimated the value of the Dodgers at $6.3 billion.
The Palisadian-Post
[edit]In 2012, Smolinisky purchased the Palisadian-Post, a subscription based newspaper that serves Pacific Palisades, California.[20][21][22] The Palisadian-Post was founded in 1928.[23] A 2013 front-page Los Angeles Times profile of Smolinisky quoted him as saying "Pacific Palisades is my favorite place on Earth, and the Palisadian-Post is my favorite newspaper."[24] Shortly after his purchase, Smolinisky shut down the printing business,[25] replaced most of the staff,[26][27] and sold the paper's longtime building due to the printing operation being outsourced. Some community members were upset with the abrupt changes. The paper currently has 17 staff members at headquarters in the Palisadian-Post building in the Palisades Village and 5,000 paid subscribers. A one-year subscription costs $79.[28]
Personal life
[edit]Smolinisky was raised in Pacific Palisades by immigrant parents from Argentina.[29] In a 2019 Harvard University talk, Smolinisky described a difficult childhood including being expelled from two schools before the age of 13. From an early age, Smolinisky was a voracious reader of newspapers, financial reports and books about business, and reportedly spends five hours per day reading. He graduated in three years from the University of Southern California's Thornton School of Music in 2001.[30]
In 2010, Smolinisky married Caroline Sukits from Indiana.[31] They have three children. Their son Charlie was named after Charlie Munger.[32] In August 2015 at Monterey Car Week, an electric GEM car outfitted as a 1970s Land Rover Defender designed by Smolinisky and pal Sir Lucian Grainge won the award for Rueful Brittania (Best British Car)[33] at the annual Concours d'LeMons.[34]
Views and philanthropy
[edit]Smolinisky is an advocate for bi-partisan common sense immigration reform pressing for a country that is both welcoming and secure. On August 29, 2022, Smolinisky organized the first ever Naturalization Ceremony held at Dodger Stadium. It was the largest ceremony since the start of Covid. 2,119 new citizens from 120 countries were sworn in on the field. In his speech, Smolinisky described his parents' journey as poor immigrants who sacrificed everything to give their children a better life. The speech was later published as an op-ed in USA Today.
Inspired by Warren Buffett and Bill Gates' Giving Pledge, he and his wife created a trust that provides for 90% of their estate to go to charity upon their death. Smolinisky serves on the board of directors of Homeboy Industries, a gang intervention organization founded by Jesuit priest Fr. Gregory Boyle[35] and serves on the board of directors for the LA Dodgers Foundation, the official team charity of the LA Dodgers.[36][37] Smolinisky served on the board of the ACLU of Southern California [38] from 2004 to 2016.[39]
References
[edit]- ^ "Plummer, Smolinisky join Dodgers' ownership". MLB.com. September 19, 2019.
- ^ "Dodgers add 2 businessmen to ownership group". ESPN. September 19, 2019.
- ^ "Los Angeles Dodgers Add Two Entrepreneurs to Ownership Team". The Wall Street Journal. September 19, 2019.
- ^ "Los Angeles Dodgers Sell Stakes to Plummer, Smolinisky". Bloomberg. September 19, 2019.
- ^ "2 businessmen join ownership group of Los Angeles Dodgers". San Francisco Chronicle. September 19, 2019.
- ^ "2 businessmen join ownership group of Los Angeles Dodgers". Greenwich Time. September 19, 2019. Archived from the original on September 20, 2019. Retrieved September 20, 2019.
- ^ "Nike Founder Phil Knight and a Dodgers Owner Bid for Portland Trail Blazers". New York Times. June 2, 2022.
- ^ "Nike's Phil Knight, Dodgers' Alan Smolinisky make offer to buy Portland Trail Blazers". ESPN.com. June 2, 2022.
- ^ "Phil Knight Makes Offer for Portland Trail Blazers-Who Say They Aren't For Sale". Wall Street Journal. June 2, 2022.
- ^ "Generation Next: Alan Smolinisky". Los Angeles Downtown News. June 28, 2004.
- ^ "Plummer, Smolinisky join Dodgers' ownership". MLB.com. September 19, 2019.
- ^ "Dodgers add 2 businessmen to ownership group". ESPN. September 19, 2019.
- ^ "Los Angeles Dodgers Add Two Entrepreneurs to Ownership Team". The Wall Street Journal. September 19, 2019.
- ^ "Los Angeles Dodgers Sell Stakes to Plummer, Smolinisky". Bloomberg. September 19, 2019.
- ^ "The Los Angeles Dodgers ownership group has added two new limited partners in businessmen Robert L. Plummer and Alan Smolinisky". Twitter. September 19, 2019.
- ^ "2 businessmen join ownership group of Los Angeles Dodgers". San Francisco Chronicle. September 19, 2019.
- ^ "2 businessmen join ownership group of Los Angeles Dodgers". Greenwich Time. September 19, 2019. Archived from the original on September 20, 2019. Retrieved September 20, 2019.
- ^ "How an Immigrant's Son Became a New Los Angeles Dodgers Owner". Time. October 3, 2019.
- ^ "Ballgames Aren't The Same Without Crowds". The Wall Street Journal. October 4, 2020.
- ^ "Pacific Palisades newspaper junkie buys his own paper". Los Angeles Times. January 29, 2013.
- ^ "6 Entrepreneurs Who Purchased a Paper". Inc. August 6, 2013.
- ^ "Palisadian-Post Sold to Local Businessman". Pacific Palisades Patch. December 11, 2012.
- ^ "Our History". Palisadian-Post.
- ^ "Pacific Palisades newspaper junkie buys his own paper". Los Angeles Times. January 29, 2013.
- ^ "This Guy Owns a Ferrari, a Bentley and Now...A Local Newspaper". Media Bistro. January 31, 2013.
- ^ "A different Palisadian-Post is arriving in subscribers' mailboxes". Los Angeles Times. December 13, 2013.
- ^ "Newspaper Owner Fires Business Side Staffers to Boost Editorial". JimRomenesko.com. February 4, 2013.
- ^ "Subscribe". Palisadian-Post.
- ^ "Pacific Palisades newspaper junkie buys his own paper". Los Angeles Times. January 29, 2013.
- ^ "Why I've Bought the Palisadian-Post" (PDF). Palisadian-Post. December 6, 2012.
- ^ "Pacific Palisades newspaper junkie buys his own paper". Los Angeles Times. January 29, 2013.
- ^ "This Guy Owns a Ferrari, a Bentley and Now...A Local Newspaper". Media Bistro. January 31, 2013.
- ^ "Lemons in Monterey". Grassroots Motorsports. August 17, 2015.
- ^ "Concours D'Lemons Ruins Another Perfectly Good Pebble". Autoweek. August 16, 2015.
- ^ "Our Leaders". Homeboy Industries.
- ^ "LADF Board Members". MLB.com.
- ^ "LADF Board Members". MLB.com.
- ^ "2016 Annual Report". ACLU.
- ^ "Pacific Palisades newspaper junkie buys his own paper". Los Angeles Times. January 29, 2013.