76ers Owner Buys New Jersey Devils
- Updated: August 15, 2013
Josh Harris, the Philadelphia 76ers billionaire owner has bought the NHL’s New Jersey Devils. Harris ponied up $325 million to Jeff Vanderbeek to purchase the Devils and lease rights to the Prudential Center.
The NHL Board of Governors signed off on the deal Wednesday, allowing the ownership transfer to proceed.
The blockbuster deal was made public Thursday morning, after the attorneys hammered out the specifics. The three-time Stanley Cup champion Devils were sold due to financial problems.
Lou Lamoriello, the Devils’ general manager and president, will stay with the team, according to Harris. Lamoriello orchestrated all three of New Jersey’s NHL titles.
Harris is the co-founder of Apollo Global Management, one of the largest private equity firms in the world. He was introduced at a press conference Thursday at the Prudential Center.
Harris has named Scott O’Neill, the CEO of the 76ers, as the CEO of the New Jersey Devils.
Ironically, while he owns the 76ers and now the New Jersey Devils, Harris leases space at Wells Fargo Center, which is owned by Comcast, the owner of the Philadelphia Flyers.