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.
- Report: Canucks, Sutter closing in on five-year deal, north of $20M 0
- Voynov serving sentence at jail that once advertised it had flat screen TVs 42
- Report: Bernier and Leafs more than $2 million apart ahead of Friday’s arbitration hearing 10
- Flyers re-sign Couturier: six years, $26 million 39
- Benning calls Sutter a ‘foundation piece’ for Canucks 24
- Here’s a chart that shows which teams have been good/bad at drafting 40
- Penguins sign Fehr to three-year, $6 million contract 21
- Trade: Penguins send Sutter to Canucks for Bonino, Clendening 54
- NBC Sports to broadcast 105 NHL games in 2015-16 58
- Wilson signs with Preds, leaving just four arbitration cases to go 5
- He’s baaaaaack: Leafs pull a stunner, hire Lamoriello as GM (Updated) (84)
- Bettman says NHL would have to ‘consider’ putting Quebec City in the Western Conference (70)
- Rangers sign Stepan — six years, $39 million (62)
- NBC Sports to broadcast 105 NHL games in 2015-16 (58)
- Trade: Penguins send Sutter to Canucks for Bonino, Clendening (54)