Updated: 12:45 p.m.
Sixers managing partner Josh Harris and co-managing partner David Blitzer bought a stake of “less than 5%” in the Pittsburgh Steelers earlier this year, according to a report from Bloomberg’s Erik Schatzker. The Steelers confirmed Monday to the Pittsburgh Post-Gazette that Harris and Blitzer are minority owners.
Harris and Blitzer purchased the Sixers in 2011 and bought the New Jersey Devils in 2013. According to a report from Scott Soshnick for Variety last week, the pair are also “among the suitors” for the New York Mets. If they do ultimately buy the Mets, Harris and Blitzer would apparently have a stake in a team in each of the four major American professional sports. Additionally, the two have a stake in English Premier League club Crystal Palace.
Their stake in the Steelers is not a stunning revelation in the context of this demonstrated willingness to invest across sports.
Per Schatzker, Harris and Blitzer are “passive investors” with “no input on operations,” and their stake is not part of Harris Blitzer Sports & Entertainment.
The Sixers, who are projected to pay the luxury tax this upcoming season because of expensive long-term commitments to Ben Simmons, Joel Embiid, Al Horford and Tobias Harris, are currently valued by Forbes at $2 billion. The Athletic’s Shams Charania reported that NBPA leadership indicated on a call with players Friday night that “it is believed no fans will be permitted into games for the entire 2020-21 season," which would clearly have a significant financial impact.
Harris, the co-founder and senior managing director of Apollo Global Management, has a real-time net worth of $4.9 billion, according to Forbes. He received pushback in March for a plan to institute salary reductions of up to 20 percent for full-time, salaried Sixers employees making at least $50,000, then reversed course and apologized.
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