Joshua Harris (businessman)

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Joshua Harris
Born1965 (age 52–53)
NationalityAmerican
Other namesJosh
Alma materWharton School of the University of Pennsylvania (BS)
Harvard Business School (MBA)
OccupationInvestor, Sports Team Owner
Known forOwner of New Jersey Devils
Owner of Philadelphia 76ers
Co–Founder of Apollo Global Management
Shareholder of Crystal Palace
Net worthIncreaseUS$3.5 billion (October 2018)[1]
Spouse(s)Marjorie Rubin
Children5

Joshua Harris (born 1965) is an American private equity investor who co-founded Apollo Global Management, one of the world's largest alternative investment firms. Harris is also the principal owner of the New Jersey Devils of the National Hockey League and the Philadelphia 76ers of the National Basketball Association, as well as owning an 18 percent stake in Crystal Palace of the English Premier League.

Early life and education[edit]

Harris was born to a Jewish family in 1965.[2] He was raised in Chevy Chase, Maryland.[3] 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.[3] Harris strongly considered running for political office as a Republican before concluding that he could accomplish more in the private sector.[4]

Career[edit]

He worked at Drexel Burnham Lambert before co-founding Apollo Global Management with fellow Drexel alumni 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.[5][6][7][8]

Harris is the managing partner of an investment group 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 are: David S. Blitzer of the private equity firm Blackstone Group and portfolio manager Art Wrubel, both fellow Wharton School of the University of Pennsylvania graduates,[3] 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.[9] Comcast-Spectacor and Harris began talks in the summer of 2011. The deal was announced on July 13, 2011.[10] The NBA formally approved the deal on October 13.[11]

On August 15, 2013, it was announced that a group 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 arena in Newark, New Jersey. The transaction was reportedly for over $320 million.[12] Harris and Blitzer were rumoured to be interested in purchasing Premier League team Aston Villa, following the announcement by Randy Lerner that the club is up for sale.[13] Harris was then further linked in acquiring South London club Crystal Palace, currently of the Premier League. Harris has also expressed interest in buying the first NFL team to be based out of London.[citation needed]

Trump Administration[edit]

Harris advised the Trump Administration on infrastructure policy.[14] Harris and White House advisor Jared Kushner reportedly discussed offering Harris a job in the Trump Administration.[14] Apollo Global Management subsequently loaned $184 million to Kushner Companies, raising allegations of a conflict of interest.[14]

Apollo spokesman Charles V. Zehren stated that Harris was not involved in the decision to loan to Kushner.[14]

Personal life[edit]

Harris is married to Marjorie Rubin and they have five children.[1][15][16]

References[edit]

  1. ^ a b c "Joshua Harris". Forbes Magazine.
  2. ^ Forbes Israel: Jewish Billionaires - Profile of Joshua Harris April 14, 2013 (in Hebrew)
  3. ^ a b c 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
  4. ^ "New Devils owner Josh Harris an expert in risk management". Retrieved November 29, 2017.
  5. ^ https://www.forbes.com/profile/joshua-harris/
  6. ^ Abbott, Henry. Sources: 76ers sales talks ongoing. ESPN, June 26, 2011.
  7. ^ DiStefano, Joseph. Would-be Sixers owner Harris' Philly ties. The Philadelphia Inquirer, June 26, 2011.
  8. ^ "Apollo Global Management: Our Team – Joshua Harris". agm.com.
  9. ^ ESPN: "Group led by Joshua Harris completes purchase of Sixers" Archived October 18, 2013, at the Wayback Machine. October 18, 2011
  10. ^ Sale of 76ers to Joshua Harris finished. ESPN, July 13, 2011.
  11. ^ Group led by Joshua Harris completes purchase of 76ers Archived October 18, 2013, at the Wayback Machine.. Philadelphia 76ers, October 13, 2011.
  12. ^ "Devils announce sale of team to billionaire Josh Harris". The Star-Ledger. August 15, 2013.
  13. ^ Raeburn, Andrew (June 22, 2014). "Who are Villa's possible new owners Harris and Blitzer?". Metro.co.uk.
  14. ^ a b c d Drucker, Jesse; Kelly, Kate; Protess, Ben (February 28, 2018). "Kushner's Business Got Loans After White House Meetings". The New York Times.
  15. ^ Legacy.com: "ALBERT RUBIN" January 5, 2012
  16. ^ Wharton Magazine: "The Private-Equity Diaries" January 26, 2012