JOSH HARRIS
Co-founder of Apollo Global Management, owner of 76ers, Devils, and Commanders
Josh Harris co-founded Apollo Global Management, helped build it into a $670 billion firm, then decided to become the most prolific sports team owner in America — buying the Philadelphia 76ers, the New Jersey Devils, and the Washington Commanders in a $6 billion deal. The man who looked at three professional sports teams and said "I will take all of them."
Net Worth
$9 Billion
Nationality
American
Time Horizon
Long-Term
Risk Appetite
7 / 10
Net Worth Context
- · Still a billionaire — just the quiet kind at the end of the table.
CAREER & BACKGROUND
Josh Harris co-founded Apollo Global Management in 1990 alongside Leon Black and Marc Rowan, starting with $600 million. He served as a senior managing director and was instrumental in building Apollo's credit and private equity platforms.
After stepping back from Apollo in 2022, Harris pivoted to sports ownership on an unprecedented scale. He had already co-owned the Philadelphia 76ers (bought in 2011 for $287 million) and the New Jersey Devils.
In 2023, he led a group that purchased the Washington Commanders for $6.05 billion — the highest price ever paid for a professional sports franchise at the time. The 76ers are now worth over $3 billion.
COMPANIES & ROLES
Apollo Global Management (co-founder, $670B+ AUM), Philadelphia 76ers (co-owner), New Jersey Devils (co-owner), Washington Commanders (owner, $6.05B purchase)
INVESTING STYLE & PHILOSOPHY
Harris is a credit and distressed debt investor by training — the Apollo DNA. He looks for undervalued, complex situations where most investors see risk and he sees mispriced opportunity.
In sports, he applies the same lens: buy franchises he believes are undervalued relative to the media rights and franchise appreciation path. He is analytical and data-driven, bringing PE rigor to sports ownership.
THE PLAYBOOK
Risk Approach
High. Harris co-built Apollo, which is known for aggressive use of leverage and willingness to enter complex situations.
The Washington Commanders purchase for $6 billion was the largest sports deal in history — a massive concentrated bet on the NFL's continued growth. He is comfortable with large, long-duration bets.
Money Habits
Harris is a major spender — $6 billion for an NFL team makes that clear. But his spending is strategic, not frivolous.
He views sports teams as generational assets that will only appreciate. He is also a significant philanthropist, particularly in Philadelphia.
BIGGEST WIN
Two enormous wins. First, building Apollo from $600 million to $670 billion over three decades — a wealth creation machine.
Second, buying the 76ers for $287 million in 2011 when NBA valuations were modest. The team is now worth over $3 billion.
That is a 10x return in 12 years, plus courtside seats.
BIGGEST MISTAKE
Harris was part of Apollo's leadership during the Leon Black controversy, which created reputational challenges. The Washington Commanders also come with baggage — the franchise had years of scandal under previous owner Dan Snyder.
Harris inherited a franchise that needed a culture overhaul alongside the business turnaround.
FINANCIAL PHILOSOPHY
Value investing applies everywhere — not just stocks. Harris believes the principles of finding undervalued assets, improving operations, and waiting for the market to recognize value work in credit, PE, and sports equally.
Patience and analytical rigor beat emotion every time.
FAMILY & PERSONAL LIFE
Married to Marjorie Harris. Multiple children.
Based in New York City. Deeply involved in Philadelphia sports and community.
EDUCATION
University of Pennsylvania Wharton School (BS in Economics), Harvard Business School (MBA).
BOOKS & RESOURCES
Harvard Business School case studies on sports valuations
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QUOTES (6)
I co-founded Apollo at 25 years old. Nobody gave us a chance. Thirty years and $670 billion later, I think the bet worked out.
Sports franchises are the best alternative investment in the world. They only go up, you get courtside seats, and the tax benefits are incredible.
I paid $6 billion for the Commanders. People said it was crazy. The NFL generates $20 billion a year in revenue and that number only goes up.
The 76ers cost $287 million in 2011. They are worth over $3 billion now. Tell me again why sports teams are not good investments.
Credit investing taught me that the most important question in any deal is not how much you can make but how much you can lose.
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