Josh Harris is already a well-known figure in Philadelphia, but now the multimillionaire is going to be a hot shot in New Jersey as well. Believe it or not, the New Jersey Devils were reportedly purchased from NHL hell on Wednesday and it was Harris who evidently ponied up more than $320 million for the rights to the Devils and the Prudential Center.
Obviously, Harris sees something that I don’t in this investment as New Jersey’s hockey team is apparently close to $250 million in debt and has an unpaid payroll of approximately $55 million.
The only reason that I could see Harris surrendering this kind of money is for a self gain and it involves Harris’s principal ownership of the Philadelphia 76ers.
You see, the 76ers currently play at the Wachovia Center, but Harris leases the building from Comcast Spectator, which also owns the NHL’s Philadelphia Flyers. Therefore, the fact that Harris bought the Prudential Center shows that he might not be sold on the 76ers’ current stomping grounds. This may be a little too much pondering on my part, but “The Rock” housed the New Jersey Nets from 2010-12, so the possibility of Harris putting his basketball team in his arena doesn’t seem like a far-fetched idea at all.
However, a 76ers’ move seems years away and right now the focus should be on the Devils, who have been competitive in the past and should excel under Harris’s management.