David Blitzer, Senior Managing Director of Blackstone Group and Joshua Harris, co-Founder of Apollo Global Management just bought the New Jersey Devils hockey team from former Lehman Brothers executive, Jeffrey Vanderbeek's ownership controlled group. The purchase included long-term operating interest in the Prudential Center and related assets.
It was reported that Harris' group will pay over USD320 million although actual terms were not mentioned in the announcement made by the National Hockey League. In this deal, Scott O'Neil, of the Philadelphia 76ers will add another charge on his plate as CEO of the New Jersey Devils and their official home, the Prudential Center nicknamed the Rock.
O'Neil will lead the team's business operations in close tandem with Lou Lamoriello, President/General Manager of the Devils. He is also expected to oversee the Prudential Center and its vast entertainment potential. Former owner Vanderbeek, will continue to work with the new group in transition as senior advisor.
Scott O'Neil was President of Madison Square Garden Sports before he became CEO of the 76ers early this year. He used to oversee all business operations of the three popular professional sports teams in New York: the Rangers, Knicks and Liberty.
It is worth noting that this was the second professional sports purchase of private equity executives, David Blitzer and Joshua Harris. They had previously bought the Philadelphia 76ers basketball team together with a few minority partners.
This purchase though was not made through the duo's private equity companies but deemed as personal investments on their part.
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