Aug 12, 2013, 11:03 AM EDT
On Friday, we wrote that it was probably good news for New Jersey Devils fans that billionaire Josh Harris was on the verge of buying the financially troubled team from current owner Jeff Vanderbeek.
Over the weekend, our hunch was supported by a sports economics professor at the University of Pennsylvania.
“If you look at how [Harris] has made his fortune, it’s basically through buying distressed properties, injecting cash and turning them around,” Scott Rosner told The Star-Ledger. “So the Devils would certainly fit the bill.”
Harris already owns the NBA’s Philadelphia 76ers, a franchise that’s seen its fortunes rise since he purchased them in 2011.
On that note, it’s interesting to recall what Harris had to say when he took over the struggling basketball club.
“Three times in my career before, I was involved in significant turnarounds of financially distressed companies,” Harris said, per Philly.com. “In each case, for a successful turnaround, the management focused 100 percent on two things: their customers, which in this case is our fans; and they focused on making their product excellent. And here we will put a lot of attention to putting a great product on the court and delivering a great fan experience.”
Harris still doesn’t officially own the Devils, but the newspaper calls that a “matter of weeks, perhaps days.”
According to Forbes, Harris — the co-founder of private equity firm Apollo Global Management — is worth $2.1 billion.
- Eller, Habs agree to four-year, $14 million contract 9
- Cory Sarich hospitalized following cycling accident, expects ‘full recovery’ 6
- Stamkos shrugs off talk of LeBron-like homecoming to Toronto in 2016 27
- Avs and O’Reilly agree on two-year deal, but questions remain 42
- Rangers and Kreider avoid arbitration, agree on two-year deal 38
- Zuccarello takes Rangers’ one year, $3.5M deal 42
- Advancement? Leafs sign Booth for one year, $1.1M 25
- Leafs hire 28-year-old stats advocate as assistant GM 30
- NBC Sports to air over 100 NHL regular-season games in 2014-15 69
- Stars, Roussel agree on four-year, $8 million deal 3
- Babcock fires back over allegations that free agents avoid him (77)
- NBC Sports to air over 100 NHL regular-season games in 2014-15 (69)
- Vanek connected to federal gambling investigation (61)
- Lucic regrets handshake-line actions, but isn’t apologizing (58)
- Report: O’Reilly wants $6.7M deal, Avs counter at $5.5M (58)