Josh Harris Rumors
Sixers lead owner Josh Harris’s multibillion-dollar investment firm, Apollo Global Management LLC, last week bought control of most of Jenkintown native Nicholas Schorsch’s multi-billion-dollar business real estate and brokerage operations. Apollo paid a premium of just $378 million in cash and Apollo stock, for 60 percent of Scorsch-founded AR Capital, which controls business real estate worth $19 billion. Apollo also agreed to pay $25 milion to buy Schorsch-founded, publicly-traded RCS Capital’s wholesale brokerage operation, and to invest $25 million in new preferred shares of RCS.
Critics say the difficulty of selling closed-end funds and the high fees brokers charge can make them inappropriate for individual investors. Apollo is used to taking on turnaround situations. “Remember, this is the guy who also owns the Philadelphia 76ers,” noted Robert Costello, owner of Costello Asset Management, Huntingdon Valley.
Takeover talks between Crystal Palace and the American businessman Josh Harris are at such an advanced stage that the New Jersey Devils and Philadelphia 76ers owner is poised to enter a period of due diligence on the club. A deal between the Premier League side and Harris, the co-founder of Apollo Global Management, is understood to be 90% agreed in principle and worth around £70m. Steve Parish, the current co-chairman, is adament that nothing imminent will happen, although talks have progressed well and he would stay on in his current capacity and run the club on a day-to-day basis.
Harris, who bought NBA franchise Philadelphia 76s in 2011 and NHL side New Jersey Devils alongside his partner David Blitzer in 2013, has been interested in purchasing an English football club for some time and first held talks with Palace’s owners, CPFC 2010, during their recent pre-season tour of America. Palace played Philadelphia Union on 25 July, by which point Harris’s interest in Aston Villa had seemingly waned, with reports stating that Villa’s owner, Randy Lerner, valued the club at £200m. Harris is thought to deem Palace’s London location as a more attractive option.
Friday at Richard Stockton College, the site of the team’s training camp, managing owner Josh Harris told the media the Sixers plan to do what’s best for them, though they also want to be “good citizens.” “It’s a change that flattens the lottery system,” Harris said. “It would be a little bit worse for Philadelphia in the short run but long run, since we expect to be a consistent playoff or deep-caliber-playoff team, it’s actually better for us. “We’re certainly in that dialogue. There’s 30 people and a league that have a lot of thoughts, so we’re trying to build a consensus. My sense is whatever change gets made, it will be an incremental change — it won’t change our strategy one way or the other. I generally feel like, when I watch the league in action in these situations, they do a very good job.”
Hinkie offered few thoughts on lottery reform during Tuesday’s media day at the Wells Fargo Center. “We are cognizant of being a good member of the league, but at the same time balancing that with what’s the right thing for Philly and the Philadelphia 76ers,” he said. “We’re trying to draw that line the best we can. We’re going to try very hard to win every game and I hope we win a lot more than we did last year, but we’re focused on long-run goals.”