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Devils’ Owner Doesn’t Expect Big Return On Investment

from Eben Novy-Williams & Cristina Alesci of Bloomberg,

Apollo Global Management LLC (APO) co-founder Josh Harris said Newark’s Prudential Center was a more important financial piece in his purchase of the New Jersey Devils than the hockey team itself.

Harris and David Blitzer, a New Jersey native and senior managing director of Blackstone Group LP, purchased the National Hockey League franchise last month in an agreement that also gave the partnership control of the Prudential Center....

Harris said he isn’t expecting returns from the Devils’ purchase to be as significant or as quick as his private-equity investments. He said he’d like to see returns from 1 percent to 20 percent, without getting more specific.

“These are the kinds of things that appreciate over a long, long period of time -- generations,” he said. “I get to have fun, earn a decent return and hopefully make some money in the process and help the community as well.”

more

added 1:47pm, You can watch what Harris had to say at nj.com.

Filed in: NHL Teams, New Jersey Devils, | KK Hockey | Permalink
 

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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

From breaking news to in-depth stories around the league, KK Hockey is updated with fresh stories all day long and will bring you the latest news as quickly as possible.

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