How David Blitzer's Blackstone Playbook Helped Him Conquer Sports

David Blitzer is one of private equity's biggest sports fans. He also was one of the first to figure out the massive investment potential in sports business—since it looks a lot like the deals he's learned to do while working for decades at Blackstone Group. When he got into business with Apollo co-founder Josh Harris, he found a kindred dealmaker.
'We had a lot of experience in corporate carve-outs,' Blitzer says on the latest episode of The Deal with Alex Rodriguez and Jason Kelly. 'We had a lot of experience in bringing in new management teams and thinking about incentive structures in ways that I don't really think sports had really done.'

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Business Insider

5 hours ago

• Business Insider

How a Blackstone exec built a sports investing empire

David Blitzer's interest in sports investing began after he became, in his own words, a "failed athlete." "I thought I was good when I was, you know, like a teenager. Then I realized by high school that I was adequate at best and certainly was not playing past high school," he said in a Thursday episode of the Bloomberg podcast "The Deal." The billionaire, who is a chairman at Blackstone's cross-asset investment group, made a name for himself as a pioneer in sports investing — a now-hot segment of the media and entertainment dealmaking world. On the podcast, Blitzer sat down with hosts Alex Rodriguez and Jason Kelly to talk about the empire of team ownerships he has built. Blitzer is the cofounder and managing partner of Harris Blitzer Sports and Entertainment, which owns the NBA's Philadelphia 76ers and the NHL's New Jersey Devils. He also holds stakes in the NFL's Washington Commanders, the MLB's Cleveland Guardians, and the MLS's Real Salt Lake. "Being an investor in any of these teams and leagues is fun, it's rewarding, it's challenging, it's really difficult," he said. Harris Blitzer Sports and Entertainment did not immediately respond to a request for additional comment from Business Insider sent outside regular business hours. Why Blizter is betting on sports Blitzer's first sports investment was with Josh Harris, the cofounder of Apollo, in 2011 when they acquired the Philadelphia 76ers for $280 million. Together, they founded Harris Blitzer Sports & Entertainment. "We had a lot of experience in corporate carve-outs. We had a lot of experience in bringing in new management teams and thinking about incentive structures in ways that I don't really think sports had had really done in the past," Blitzer said. The early thesis for investing is the same one he has now: supply and demand, he said. There are a set number of sports teams, and more ultrawealthy people and newer entrants, like private equity firms, want to buy them. "These are content and media businesses, and they have some of the best IP in the world. And frankly, in today's world, when you think about live content, there's probably nothing more valuable." He's the first person to own equity in all five of the major men's sports leagues in the US. His portfolio is strategically broad, he said, so he can offer wide, cross-sport reach for advertisers. Earlier this year, for example, they did a deal with Campbell's — the soup company — across the Commanders, the Sixers, the Devils, and Joe Gibbs Racing. As with private equity portfolio companies, the scale of Blitzer's portfolio also allows the company to better spread the cost of cutting-edge tools, such as AI and data analytics, he said. Blitzer is also betting on sports outside pro men's leagues. Last year, Blitzer and Harris launched Unrivaled Sports, a company that specializes in youth sports. Blitzer also holds a stake in NWSL's Utah Royals. Blitzer's advice to would-be sports owners Even though Blitzer takes a strategic, portfolio approach to investing in sport, he points out that owning sports teams goes beyond crunching numbers. He says his best advice for anyone investing in a sports franchise or a league is to go slow. "Don't do anything in your first season, like literally. Just learn. Just go around and meet everyone in the organization, watch what they do, how they do it. Do not come in and do big things in your first season," he said, before adding: "By the way, no one has taken that advice."

Newsweek

17 hours ago

• Newsweek

Commanders Saved From Shame by Three Unforgettable Legends

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Regardless of how things ended in January, Washington Commanders fans have to be thrilled with the events of the past year-plus. Josh Harris has been a revelation as he and Mark Clouse have ushered in an era that will hopefully erase the pain caused by Dan Snyder. Adam Peters is the new GM. Dan Quinn enters year two as head coach hoping to build upon the success seen during his first run. Their quarterback is Jayden Daniels, a Pro Bowler during his first NFL season who earned Offensive Player of the Year honors at season's end. Champ Bailey #24, Washington Commanders news Champ Bailey #24, Washington Commanders news Photo by/Newsweek/Getty Images Make no mistake. Washington isn't patting itself on the back following a deep postseason run. They don't feel as though they overachieved. In fact, it's the opposite. Seeing their season end one game short of the NFL's biggest game left them feeling relatively unsatisfied. So, they added to their roster, signing Deebo Samuel, Deatrich Wise, and Javon Kinlaw among others. They traded for Laremy Tunsil. They drafted Josh Conerly and Troy Amos. Suddenly, the roster is stacked. Did we mention that it didn't always be this way? Must read: PFF's Commanders Evaluation Is Music to Jayden Daniels' Ears Three Commanders save the franchise from total omission from an elite roster of legends When it's all said and done and NFL stars call it a career, they want to know they've made an impact, that they'll be remembered. It's all about legacy, setting their families up for success, and earning the respect of the guys they played with. Washington, for the most of the past quarter century, has endured name changes and relative obscurity as evidenced by their near-omission on an intriguing all-star team of NFL legends. ESPN's Aaron Schatz and Seth Walder recently dropped their NFL All Quarter Century team, a talented grouping of 53 players and coaches. It even has a practice squad. When smoke cleared and dust settled, three familiar faces were on the list. Two never played under the Commanders team name, but you get the idea. We all still have a soft place for all of them. Trent Williams (2010-19) Unfortunately, Trent Williams' career will be remembered for an ugly standoff with the front office, but for ten seasons, he was one of the best O-lineman this franchise has seen in a while. He earned Second-Team All-Pro honors in 2015 and seven of his 11 Pro Bowl nods playing in the burgundy and gold. Champ Bailey (1999-2003) It feels like this can be stated now. If Washington had a time machine, they'd probably go back and rethink the trade that landed Clinton Portis in exchange for Champ Bailey and a second-round pick. Oh well, you live and you learn. Portis earned a Second-Team All Pro nod and Pro Bowl mention during the 2018 NFL season, but during his seven-year run in the DMV, Champ earned three First-Team All-Pro mentions with the Denver Broncos. Bailey also earned two of his four Second-Team All-Pro mentions and eight of his 12 Pro Bowl mentions in the Mile-High City. Not only that, he's a Pro Football Hall of Famer whose career in Denver outlasted Portis's time with Washington by three seasons. Yep! It's safe to state that Denver certainly won this trade. Bobby Wagner (2024-present) Bobby Wagner is the lone Commanders star still active whose name appears on ESPN's quarter century all-star squad. He'll probably be best remembered as a Seattle Seahawks legend, but his time with Washington has been very fruitful. Wagner earned a Pro Bowl nod, his tenth, and his fifth Second-Team All-Pro nod. Better yet, he's been a fantastic influence on the young stars on both sides of the ball. Must read: Former Rival Says Commanders' New Roster Addition Should Concern the NFL Wagner has been a revelation and has been, without question, an important cog in this turnaround. Worth mentioning: Fear not if you have suffered for a while. Washington's future looks better and brighter now. Jayden Daniels is the real deal. Who knows? Years from now, in 2050, maybe he'll find his way onto an all-star team of the next 25 NFL seasons. For more Washington Commanders and NFL news, head over to Newsweek Sports.

Yahoo

18 hours ago

• Yahoo

Crystal Palace's Europa League hopes increase as Johnson closes on £190m deal

The New York Jets owner, Woody Johnson, is closing in on a deal to buy John Textor's shares in Crystal Palace in a move that could help the FA Cup winners' chances of playing in next season's Europa League. Johnson, who has owned the Jets since 2000, offered £190m for Textor's 44.9% stake in the south London club last week, while the American is also believed to have received two similar bids from separate investors in recent days. But it is understood that despite being significantly below his valuation of around £240m, Textor is edging towards concluding a deal with Johnson and is now said to be ready to move on to invest in another club in English football after accepting defeat in his boardroom battle with the club's chair, Steve Parish. Advertisement Related: Crystal Palace stun Manchester City to win FA Cup amid drama and Henderson controversy He is believed to be under increasing pressure from Parish and Palace's other co-owners – Textor's fellow Americans Josh Harris and David Blitzer – to complete the sale as quickly as possible as it is thought that would be looked on favourably by Uefa, with European football's governing body expected to announce before the end of June whether the Palace will be allowed to compete in the Europa League. All four Palace co-owners were part of the club delegation that attended a meeting at Uefa's headquarters in Nyon this month and argued that Textor, the majority shareholder in the French club Lyon, who have also qualified for the Europa League, does not have a decisive influence at Selhurst Park despite being the largest shareholder. Uefa rejected attempts by Textor and Blitzer to place their shares in a blind trust because they missed the 1 March deadline. Blitzer's Danish club, Brøndby, have qualified for the Conference League. It is understood that Johnson is considered the most viable option of the three bids on the table, with his status as the former US ambassador to the UK and the heir to the Johnson & Johnson pharmaceutical fortune making it likely he would pass the Premier League's owners' and directors'test without any issues. According to a source close to Textor, the other interested parties are a consortium that includes the NBA star Jimmy Butler and another private investor from the US. Advertisement Related: Nottingham Forest complain to Uefa over Crystal Palace's European place The offer from Johnson also has the backing of Parish, who was spotted with the 78-year-old friend of Donald Trump at Palace's game against Nottingham Forest at Selhurst Park last month. Palace are understood to remain confident they will be cleared to participate in the Europa League, although Forest could appeal to the court of arbitration for sport after they wrote to Uefa last week raising concerns about a potential breach of multi-club ownership rules by Palace. Forest, whose owner, Evangelos Marinakis, is close to Textor, would stand to be promoted from the Conference League if Palace are banned by Uefa. It was reported on Sunday that Textor had listed his holding company Eagle Football – which also owns the Brazilian side Botafogo and the rebranded Belgian team Daring Brussels (formerly RWD Molenbeek) – for an initial public offering in the US, with a draft registration statement having been sent to the US Securities and Exchange Commission. Neither the volume nor prices of the shares to be listed has been revealed but it is expected to go public in September. Textor has previously held talks over investing in Watford.