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Devils a tear-down or build-up for likely new owner?

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07:32 AM ET 08.12 | Relatively new to the franchise-ownership game, Josh Harris may soon add a second jewel. [Harris] is a self-made billionaire and the co-founder of Apollo Global Management, a private equity firm that manages roughly $110 billion in capital. Firms such as his sometimes become corporate pillagers, gutting budgets and jobs from the companies they obtain. But Harris is generally viewed as a builder, not a slasher. If anyone could turn around the team's fortunes it would be Harris, said Scott Rosner, a sports economics professor at the Wharton Business School at the University of Pennsylvania. "If you look at how he has made his fortune, it's basically through buying distressed properties, injecting cash and turning them around," Rosner said. "So the Devils would certainly fit the bill."

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Martin Brodeur, Getty Images Martin Brodeur, Getty Images
Comment #1 has been removed
August 12, 2013  08:55 AM ET
QUOTE(#1):

Turn around this team's fortunes? I get the current owner buried the club in debt, but this team was playing for the Cup just over a year ago, they have a brand new barn, and just traded for a goalie who has the potential to keep them solid in net for another 10+ years. Not even mentioning the fact that an albatross of a contract was just wiped clean off the books (even if he was their best player). This team's fortunes will be just fine once ownership is resolved. Somebody is going to be very fortunate to own a team with the profit potential of the Devils.

I was thinking the same hting...only wouldn't have expressed it as well....

August 12, 2013  09:00 AM ET

just as an side to this though (not really a hijacking)
I think letting hedge funds and privater equity groups own these teams undermines the stabilty a bit . These are not the ramblings of a 'resident leftist, wanna be independent" as I was referred to, but a realistic concern. A lot of these places are very often "paper tigers", and if the powers that be start messing around with the economy again, these guys will be right back where they started. There is (sortof) example of this is in Scotland with Hearts Football club (whom I happen to root for) some Russian Oil billionaire bought the club, and they are in the crapper now, and indeed almost went under.

Comment #4 has been removed
August 12, 2013  09:12 AM ET
QUOTE(#1):

Somebody is going to be very fortunate to own a team with the profit potential of the Devils.

I am the Ontario Teachers Pension Fund, and I approve this message.

Comment #6 has been removed
Comment #7 has been removed
August 12, 2013  09:28 AM ET
QUOTE(#6):

It's why the NFL tends to have the most stable ownership in the sporting world - individual owners, no groups, no companies. One man/woman. And it's the smart way to go if you can make it work.

It really depends on who that one person is Danny.....

Comment #9 has been removed
Comment #10 has been removed
August 12, 2013  09:36 AM ET

"Devils a tear-down or build-up for likely new owner?"

There's not much there to tear down so, it's definitely a build-up.

August 12, 2013  09:36 AM ET
QUOTE(#10):

What about owners that micro-manage ?? Like the Cowboys owner ??

but the team is stable, even if Jerry Jones isn't.....

Comment #13 has been removed
August 12, 2013  09:46 AM ET
QUOTE(#13):

In his defence, it's extremely difficult to not get wasted at the Danforth.

But it doesn't explain why I found him sweatily eating a bucket of KFC in an alleyway this morning...

He certainly seems to have a taste for it. :-)

August 12, 2013  09:46 AM ET

Sign me.

Really whats to tear down. There is one contract if they had the money I would amnesty, Volchenkov. The rest of the questions is seeing if Schneider is the real deal.

Comment #16 has been removed
Comment #17 has been removed
August 12, 2013  10:06 AM ET
QUOTE(#16):

Doesnt Romo only have 1 play-off win in his career ?? He's a back-up at best.

true...but the team itself....location...arguably one of the most loyal (and NON arguably the most annoying) fanbases...good building....

August 12, 2013  10:06 AM ET
QUOTE(#8):

It really depends on who that one person is Danny.....

Rob Ford is the second coming of CHris Farley- minus the humour. What a buffoon. Everyone's moronic, obnoxious uncle. Toronto knows how to pick 'em. Stay classy, T-Dot.

 
August 12, 2013  10:12 AM ET
QUOTE(#19):

Rob Ford is the second coming of CHris Farley- minus the humour. What a buffoon. Everyone's moronic, obnoxious uncle. Toronto knows how to pick 'em. Stay classy, T-Dot.

We've reached the point where we're actually proud of our dumb politicians and compete to see who can elect the dumbest.

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