David Blitzer

David Scott Blitzer (born September 7, 1969) is an American investor and sports team owner. He is a senior executive at the private equity firm Blackstone and co-managing partner of the NBA's Philadelphia 76ers and NHL's New Jersey Devils. A native of New Jersey, he graduated from the Wharton School and joined Blackstone in 1991. Blitzer's net worth was estimated by Forbes in June 2023 to be $1.9 billion.

This article is about the investor and sports team owner. For the economist, see David M. Blitzer.
David Blitzer
Born
David Scott Blitzer

(1969-09-07) September 7, 1969
Scotch Plains, New Jersey, U.S.
EducationWharton School (BS, 1991)
Occupations
EmployerBlackstone (1991–present)
Organizations
Known forFirst to hold team equity in the five major sports leagues of North America
Title
Board member of
SpouseAllison Ross
Children5

Blitzer is also an owner or significant stakeholder of several association football clubs, including Crystal Palace, G.D. Estoril Praia, AD Alcorcón, S.K. Beveren, ADO Den Haag, Real Salt Lake, Brøndby IF, and the Utah Royals. He also owns 25% of the MLB's Cleveland Guardians and a minority stake in the NFL's Washington Commanders, making him the first person to hold team equity in the five major sports leagues of North America.

Early life and education Blitzer was born on September 7, 1969, in Scotch Plains, New Jersey. He graduated from Scotch Plains-Fanwood High School in 1987 and graduated magna cum laude from the Wharton School of the University of Pennsylvania in 1991.[1]

Career

Blackstone

Blitzer joined Blackstone Inc. shortly after his graduation from the Wharton School. He worked out of London from 2001 to 2011 to oversee the company's interests in Europe.[2] He is a member of their management committee and heads their global Tactical Opportunities group.[3][4]

Sports
Main article: Harris Blitzer Sports & Entertainment

Blitzer began contemplating investing in sports after meeting senior Apollo Global Management co-founder Josh Harris in 2008 at The Punchbowl, a pub in London.[5] By 2011, those talks led to the pair forming an investment group that purchased the Philadelphia 76ers of the National Basketball Association (NBA) for $280 million.[6][7] Other initial members of the group included Art Wrubel, Jason Levien, Adam Aron, Martin Geller, David Heller, James Lassiter, Marc Leder, Michael Rubin, Will Smith, Jada Pinkett Smith, and Erick Thohir.[8][9] In August 2013, Blitzer and Harris purchased the New Jersey Devils of the National Hockey League (NHL), including the Prudential Center in Newark, New Jersey, for $320 million.[10] From 2014 to 2021, Blitzer was part of a group that owned 50% of the Scranton/Wilkes-Barre RailRiders, the Triple-A affiliate of the New York Yankees.[11][12][13]

Blitzer co-founded Harris Blitzer Sports & Entertainment with Harris in 2017 to consolidate their shared sports ventures. In addition to the 76ers and Devils, the company also owns the NBA G League's Delaware Blue Coats, the American Hockey League's Utica Comets, esports team Dignitas of New Meta Entertainment,[14][15] HBSE Real Estate, sports tech venture capital firm HBSE Ventures,[16] and marketing, hospitality, and event ticketing company Elevate Sports Ventures.[17] In January 2022, Blitzer and Ryan Smith purchased Real Salt Lake of Major League Soccer (MLS) and America First Field, which included affiliate Real Monarchs and Zions Bank Stadium.[18][19] The pair also reestablished the Utah Royals of the National Women's Soccer League (NWSL), which had gone defunct in 2020 and became the Kansas City Current.[20] He purchased a 25 percent stake in the MLB's Cleveland Guardians in 2022, with an option to acquire controlling interest in 2028.[21][22] The move made him the first person to hold team equity in the five major sports leagues of North America: the NBA, NHL, NFL, MLS, and MLB.[23]

Blitzer purchased an 18% stake in the English football club Crystal Palace in 2015.[24][25] He later formed Global Football Holdings, which has invested in FC Augsburg (Germany),[26] G.D. Estoril Praia (Portugal),[27] ADO Den Haag (Netherlands),[27] AD Alcorcón (Spain),[28] S.K. Beveren (Belgium),[29] and Brøndby IF (Denmark).[30] In 2020, Blitzer bought a 5% stake worth $140 million in the Pittsburgh Steelers of the National Football League (NFL).[31] In 2023, he was a part of another group led by Harris that purchased the NFL's Washington Commanders for $6.05 billion, the highest price ever for a sports team.[32][33] He sold his 5% stake in the Steelers as part of the deal. Blitzer also invested in the 2023 return of SlamBall, a basketball league combining elements of other sports.[34] The same year, he and Harris considered selling their stakes in Crystal Palace in order to buy minority stakes in another English football club, Manchester United.[35] Blitzer, by way of HBSE, bought a minority stake in Joe Gibbs Racing in 2023.[36] He was named to the NHL's Executive Committee in October 2023, which is responsible for vetting new ownership applications, collective bargaining, and league expansion.[37]

Personal life

Blitzer is Jewish.[38] He is married to Allison (née Ross) Blitzer; they have five children.[39] His net worth was estimated by Forbes in June 2023 to be $1.9 billion.[40] Blitzer's father-in-law, Stuart Ross, who once owned the North American rights to The Smurfs franchise, was convicted of extortion in 2010 and sentenced to five years of probation after trying to extort $11 million from Blitzer.[41][42]

Blitzer founded the Blitzer Family Foundation in 2014.[1] He is a board member of Mount Sinai Hospital and Wharton School. He is a donor of Hillel International, an organization helping Jewish students.[43] He participated in sports business panels hosted by the Wharton School in 2019 and Sportico in 2022.[44][45] In 2022, Blitzer was included on Sports Business Journal's "Most Influential: Dealmakers & Disrupters" list.[46]

References
  1. Mooney, John (December 9, 2018). "NJ Devils Co-Owner David Blitzer Will Return to Scotch Plains-Fanwood High School for Hall of Fame Induction". TAPinto Springfield. Archived from the original on August 11, 2019. Retrieved August 11, 2019.
  2. Stonebrook, Ian (January 30, 2022). "How David Blitzer Built it". boardroom.tv. Archived from the original on May 7, 2023. Retrieved May 7, 2023.
  3. Blackstone Group: Our People - David Blitzer Archived March 21, 2021, at the Wayback Machine retrieved January 11, 2023
  4. Smagalla, David (December 27, 2017). "In Their Own Words With Blackstone Group's David Blitzer". The Wall Street Journal. Archived from the original on August 12, 2019. Retrieved August 12, 2019.
  5. Shelburne, Ramona (September 26, 2023). "Why the Commanders' $6 billion bidding war was one Josh Harris had to win". ESPN. Retrieved September 30, 2023.
  6. "Sale of 76ers to Joshua Harris finished". ESPN.com. July 13, 2011. Archived from the original on June 1, 2016. Retrieved March 28, 2023.
  7. "76ers officially sold to new owners". ABC13. October 18, 2011. Archived from the original on March 28, 2023. Retrieved March 28, 2023.
  8. Fagan, Kate (August 2, 2011). "Those who know him say Joshua Harris, soon-to-be Sixers owner, lives for competition and success". Inquirer.com. Archived from the original on March 25, 2023. Retrieved March 25, 2023.
  9. "Group led by Joshua Harris completes purchase of Sixers - 10/18/2011". NBA.com. October 18, 2011. Archived from the original on October 18, 2013. Retrieved March 28, 2023.
  10. "Devils announce sale of team to billionaire Josh Harris". The Star-Ledger. August 15, 2013. Archived from the original on February 6, 2019. Retrieved August 22, 2013.
  11. "Mandalay Announces Pending Sale of Ownership Interest in RailRiders". Scranton/Wilkes-Barre RailRiders. September 3, 2014. Archived from the original on August 11, 2019. Retrieved August 11, 2019.
  12. "RailRiders Unveil Members of Local Ownership". Scranton/Wilkes-Barre RailRiders. February 25, 2015. Archived from the original on August 11, 2019. Retrieved August 11, 2019.
  13. "RailRiders Join Newly Formed Organization Diamond Baseball Holdings". milb.com. Archived from the original on June 19, 2023. Retrieved June 19, 2023.
  14. "David Abrams Named Head of Investments at Harris Blitzer Sports & Entertainment". www.sporttechie.com. February 25, 2020. Archived from the original on July 6, 2020. Retrieved July 6, 2020.
  15. "HBSE flexing its financial muscle thanks to appointment of head of investments". SportBusiness. February 25, 2020. Archived from the original on June 27, 2020. Retrieved July 6, 2020.
  16. "76ers owners appoint investment chief for esports and other ventures". VentureBeat. February 25, 2020. Archived from the original on July 6, 2020. Retrieved July 6, 2020.
  17. "San Francisco 49ers, HBSE and CAA team up to create Elevate Sports Ventures - SportsPro Media". www.sportspromedia.com. January 25, 2018. Archived from the original on July 7, 2020. Retrieved July 6, 2020.
  18. "David Blitzer & Smith Entertainment Group to Purchase Real Salt Lake". rsl.com. January 5, 2022. Retrieved February 1, 2022.
  19. McDonald, Ryan (January 6, 2022). "How the deal for Ryan Smith, David Blitzer to buy Real Salt Lake came together". Deseret News. Retrieved March 2, 2022.
  20. Gonzalez, Roger. "Utah Royals FC to return to NWSL under David Blitzer and Ryan Smith as owners; club will begin playing in 2024". CBS Sports. Retrieved July 30, 2023.
  21. "Blitzer purchases 25% stake in Guardians". MLB.com. Archived from the original on June 27, 2022. Retrieved June 27, 2022.
  22. Noga, Joe (June 27, 2022). "Cleveland Guardians reach agreement with David Blitzer-led investment group for minority stake in club". Cleveland.com. Archived from the original on June 27, 2022. Retrieved June 27, 2022.
  23. Novy-Williams, Eben (June 16, 2022). "David Blitzer Nears U.S. Sports Milestone as MLB OKs Guardians Deal". Yahoo Sports. Archived from the original on May 7, 2023. Retrieved May 7, 2023.
  24. "Sixers owner Josh Harris buys into Crystal Palace soccer club". NBC Sports Philadelphia. December 19, 2015. Archived from the original on August 2, 2020. Retrieved June 28, 2020.
  25. "Crystal Palace: Deal agreed with US investors Harris and Blitzer". BBC Sport. December 18, 2015. Archived from the original on June 24, 2020. Retrieved June 28, 2020.
  26. Veth, Manuel. "Ricardo Pepi And Real Salt Lake: David Blitzer Is Making Headlines As A Soccer Investor". Forbes. Archived from the original on May 7, 2023. Retrieved May 7, 2023.
  27. Fischer, John (August 18, 2023). "Ten Years of Josh Harris & David Blitzer, Owners of the New Jersey Devils". All About the Jersey. SB Nation. Retrieved October 7, 2023.
  28. "David Blitzer-Led Group Acquires Spanish Soccer Club Alcorcón". Sports Business Journal. June 11, 2019. Archived from the original on May 7, 2023. Retrieved May 7, 2023.
  29. Kunti, Samindra (September 14, 2020). "US investors Bolt, take leap into Belgian football with Waasland-Beveren buy". Inside World Football. Archived from the original on May 7, 2023. Retrieved May 7, 2023.
  30. Hackett, Tom (November 15, 2022). "David Blitzer Adds Danish Club To European Portfolio". kslsports.com. Archived from the original on May 7, 2023. Retrieved May 7, 2023.
  31. Kostroun, Bill (June 15, 2020). "Sixers owners Josh Harris and David Blitzer purchase stake in Pittsburgh Steelers". The Philadelphia Inquirer. Archived from the original on April 4, 2023. Retrieved April 4, 2023.
  32. Maske, Mark; Jhabvala, Nicki (July 20, 2023). "NFL owners approve sale of Commanders from Daniel Snyder to Josh Harris". The Washington Post. Retrieved July 21, 2023.
  33. Jhabvala, Nicki (July 20, 2023). "The Commanders sale was so complicated, it was 'like 20 deals in one'". The Washington Post. Retrieved July 23, 2023.
  34. Rizzo, Lillian (March 21, 2023). "SlamBall, which combines basketball and football with trampolines, snags big investors". CNBC. Archived from the original on April 20, 2023. Retrieved May 21, 2023.
  35. Sim, Josh (January 24, 2023). "Report: Manchester United minority stake targeted by Josh Harris and David Blitzer". SportsProMedia.com. SportsPro. Archived from the original on June 6, 2023. Retrieved June 6, 2023.
  36. Stern, Adam (June 20, 2023). "Joe Gibbs Racing sells minority stake to Josh Harris, HBSE". Sports Business Journal. Archived from the original on June 21, 2023. Retrieved June 21, 2023.
  37. Nichols, James. "Report: Devils Owner Joins NHL's Executive Committee". Yardbarker. Retrieved October 7, 2023.
  38. Keene, Louis (May 10, 2023). "Why the yeshiva world is rooting against the Philadelphia 76ers this week". Forward. Retrieved September 9, 2023.
  39. "Meet Our Speakers: Josh Harris and David Blitzer". Jewish Federation of Greater Philadelphia. June 14, 2017. Retrieved July 1, 2021.
  40. "David Blitzer - Forbes". Forbes. Archived from the original on April 15, 2023. Retrieved June 6, 2023.
  41. Rothfield, Michael. Wall Street Journal: "New Tack in Extortion Case - Blackstone Executive Now Being Sued by His Father-in-Law's Former Attorney" Archived March 8, 2017, at the Wayback Machine, The Wall Street Journal, September 3, 2011
  42. Bloomberg: "Father-in-Law of Blackstone Director Blitzer Faces July 26 Extortion Trial" By Karen Freifeld Archived July 6, 2014, at the Wayback Machine June 7, 2010
  43. Wilkinson, Julia (June 20, 2022). "Billionaire David Blitzer Set a Major Sports Milestone". Entrepreneur.com. Archived from the original on July 8, 2023. Retrieved July 8, 2023.
  44. Skibeli, Isa (November 3, 2019). "Wharton Sports Business Summit to feature speakers, panels, and a case competition". The Daily Pennsylvanian. Archived from the original on February 7, 2023. Retrieved July 9, 2023.
  45. Sportico (November 9, 2022). "The media rights themselves will just continue to grow." - David Blitzer, Michele Kang, Angie Long (video). YouTube. Retrieved July 9, 2023.
  46. "Most Influential: Dealmakers & Disrupters". Sports Business Journal. December 12, 2022. Archived from the original on April 8, 2023. Retrieved April 8, 2023.
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