Joshua Harris (businessman)


Joshua Harris 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. 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.

Early life and education

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

Financial career

He worked at Drexel Burnham Lambert before co-founding Apollo Global Management with Leon Black and Marc Rowan in 1990.
Harris and Rowan were named Buyout Pros of the Year for 2004 by BuyoutsInsider.com.
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, they realized a paper profit of $9.6 billion, the biggest profit ever from a private equity investment according to Bloomberg.
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.
Harris advised the Trump Administration on infrastructure policy. Harris and White House advisor Jared Kushner reportedly discussed offering Harris a job in the Trump Administration. Apollo Global Management subsequently loaned $184 million to Kushner Companies. Apollo spokesman Charles V. Zehren stated that Harris was not involved in the decision to loan to Kushner.
As of the end of 2019, Harris and his Apollo partners reported that the firm had $331 billion in assets under management.

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

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.

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. Harris was then further linked in acquiring South London club Crystal Palace, currently of the Premier League. 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.

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, sports tech venture capital firm HBSE Ventures, and marketing, hospitality, and event ticketing company Elevate Sports Ventures.
Harris has also expressed interest in buying the first NFL team to be based out of London. 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.

Personal life

Harris is married to Marjorie Rubin, they have five children, and live in New York City.