Fund Honchos See Dollar Signs In Sports Team Market

Law360, New York (August 16, 2013, 8:40 PM EDT) -- The recent acquisition of the NHL's New Jersey Devils is the latest in a string of purchases of U.S. pro sports franchises by hedge and private equity fund managers, sports law partners said Friday.

A group led by Apollo Global Management LLC co-founder Joshua Harris and Blackstone Group LP senior managing director David Blitzer closed its purchase of the Devils on Thursday for a reported $320 million. The private fund honchos acquired the majority stake in the Devils and the franchise's interest in Newark's Prudential Center...
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