David Blitzer’s interest in sports investment began after he became, in his own words, a “failed athlete”.
“I thought I was good when I was, you know, like a teenager. Then I realized in high school that I was at best adequate and that I certainly did not play beyond the school,” he said in an episode Thursday of the Bloomberg Podcast “The Deal”.
The billionaire, who is president of the Blackstone cross -investment group, has made a name for himself as a pioneer in sports investment – a now hot segment of the media and entertainment world.
On the podcast, Blitzer sat with the hosts Alex Rodriguez and Jason Kelly to talk about the team of the team he built.
Blitzer is the co -founder and partner director of Harris Blitzer Sports and Entertainment, who owns the NBA Philadelphia 76ers and the New Jersey Devils of the NHL. He also takes challenges in the NFL Washington commanders, the Cleveland Guardians of the MLB and the real MLS Salt lake.
“Being an investor in one of these teams and leagues is fun, it’s rewarding, it’s difficult, it’s really difficult,” he said.
Harris Blitzer Sports and Entertainment did not immediately respond to a request for additional comments to Business Insider sent outside regular work hours.
Why Blizter bet on sport
Blitzer’s first sports investment was with Josh Harris, the co -founder of Apollo in 2011 when they acquired the Philadelphia 76ers for $ 280 million. Together, They founded Harris Blitzer Sports & Entertainment.
“We have had a lot of experience in corporate cuts. We had a lot of experience in bringing new management teams and thinking of incentive structures in a way that I don’t really think that sports had really done in the past,” said Blitzer.
The first investment thesis is the same as what he has now: supply and demand, he said. There are a defined number of sports teams, and more ultra-rare people and new participants, such as investment capital companies, want to buy them.
“These are content and media companies, and they have some of the best IPs in the world. And frankly, in the world today, when you think of live content, there is probably nothing more precious.”
He is the first person to have equity in the five main male sports leagues in the United States. Its portfolio is strategically wide, he said, it can therefore offer a broad and transversal scope for advertisers.
Earlier this year, for example, they concluded an agreement with Campbell – The Sou Company – through the commanders, the Sixers, the Devils and Joe Gibbs Racing.
As with investment capital portfolio companies, the magnitude of the Blitzer portfolio also allows the company to better distribute the cost of advanced tools, such as AI and data analysis, he said.
Blitzer also bets on sports outside the Pro Men leagues.
Last year, Blitzer and Harris launched an unrivaled sport, a company specializing in sports for young people. Blitzer also has a participation in NWSL Utah Royals.
Blitzer’s advice to potential sports owners
Even if Blitzer Takes a strategic portfolio approach to invest in sport, he stresses that possession of sports teams goes beyond the cracking figures.
He says that his best advice for anyone investing in a sports franchise or a league is to go slowly.
“Do nothing in your first season, as literally. Learn. Simply learn and meet everyone in the organization, look at what they do, how they do it. Do not come and do great things during your first season,” he said, before adding: “By the way, no one took this advice.”