“Will YRC live to fight another day?” Mr. Ross wrote in a note to clients in May. [33][34][35] In 2020, Bloomberg reported that Harris & Blitzer acquired a stake of less than 5% in the NFL's Pittsburgh Steelers. [5] Harris is the principal owner and managing partner of the New Jersey Devils of the National Hockey League and the Philadelphia 76ers of the National Basketball Association, and is a general partner in Crystal Palace of the English Premier League. [18], As of the end of 2019, Harris and his Apollo partners reported that the firm had $331 billion in assets under management. [18] Apollo spokesman Charles V. Zehren stated that Harris was not involved in the decision to loan to Kushner. [18] Harris and White House advisor Jared Kushner reportedly discussed offering Harris a job in the Trump Administration. [38], In February 2019, Harris and his wife gave $10 million[40] to his alma mater, Penn’s Wharton School, to establish the Joshua J. Harris Alternative Investments Program. [22] The NBA formally approved the deal on October 13. “Their crisis is borne of years and of under investment in their assets.”. For its services, Apollo collected a total of $7.2 million in fees from the pension funds last year, not counting Apollo’s share in … That same year, Apollo lent $184 million to Mr. Kushner’s family real estate firm, Kushner Companies, to refinance the mortgage on a Chicago skyscraper. The headquarters of YRC Worldwide in Overland Park, Kan. [42], In 2015, Harris committed to donate $3.5 million over 5 years to the Philadelphia Police Athletic League, a cause committed to helping Philadelphia children. We've received your submission. advised the Trump administration on infrastructure policy, allow broader access to an emergency Federal Reserve lending program. Senator Jerry Moran, via video conference, at a hearing on Capitol Hill in May. The rescue, which was approved on the grounds that YRC was critical to national security, made the company one of the largest recipients of taxpayer money meant to support businesses and workers struggling amid the coronavirus. It has also raised questions about whether YRC benefited from a web of connections between the company and the White House that allowed it to bypass the Trump administration’s own rules for which companies should be eligible for federal help. Neil deGrasse Tyson warns asteroid could hit Earth day before election, Hundreds of thousands of doses of COVID-19 vaccine roll off production line, Jim Carrey finally gets laughs on 'SNL' while Alec Baldwin treads water, Joe Biden's polling lead slips in wake of Post report on Hunter, Lily James cancels 'Today' show appearance amid Dominic West drama, © 2020 NYP Holdings, Inc. All Rights Reserved, Trevor Lawrence could break the Jets' hearts so easily, Steve Cohen's response to nightmare free-agency scenario will say a lot, Steve Cohen's Mets 'lifeline' to hurting Citi Field employees, Steve Cohen to blow up Wilpons' 'archaic' Mets technology, Giants' unconventional triumph could spark turnaround. The firm specializes in investing across credit, private equity, and real assets. The Treasury Department submits all applications that do not meet those criteria to the Defense Department for review. The other members of the investment group were portfolio manager Art Wrubel, a fellow Wharton School of the University of Pennsylvania graduate,[7] as well as former NBA agent and Sacramento Kings executive Jason Levien, former Vail Resorts CEO Adam Aron, Martin J. Geller, David B. Heller, Travis Hennings, James Lassiter, Marc Leder, Michael Rubin, Will Smith & Jada Pinkett Smith, and Indonesian businessmen Handy Soetedjo & Erick Thohir. “Their crisis is not a product of Covid,” Mr. Mehrotra said. While both men declined to comment, The Post has also learned that the recent ramping up might have been piqued by reports the Wilpons are finally willing to part with their television network, SNY, giving Harris and Blitzer a chance to merge their other franchises onto one “superregional” sports network. Sources close to Alex Rodriguez and Jennifer Lopez tell The Post that J-Rod have been aware of Harris and Blitzer’s interest, but remain confident in putting together a bid of their own to crown themselves the queen and king of Queens. Do Not Sell My Personal Information. “In normal times when you have a recession, companies that aren’t the best companies go away.”. You ask, we answer. The foundation’s stated goals are "to uplift communities in need, pioneer solutions and promote education and leadership development. In 2017, the two formed Harris Blitzer Sports & Entertainment, a holding company for their sports franchises that also includes the English Premier League soccer club Crystal Palace. Previously, Harris established the school’s Harris Family Endowed Scholarship. The transaction was reportedly for over $320 million. In 2019, a group of funds managed by affiliates of Apollo lent YRC $600 million. [41] In July 2018, the family’s foundation also donated $1 million to support Penn’s wrestling program. [24], Harris and Blitzer were rumored to be interested in purchasing Premier League team Aston Villa, following the announcement by Randy Lerner that the club is up for sale. A July report from the Congressional Oversight Commission raised questions about the decision to grant the loan, asking why delivering food to bases was vital for national security and why the Treasury Department appeared to seek special signoff from the Defense Department to ensure that YRC was considered eligible. Multiple insiders tell The Post that the Wilpons will make their 2020 payments on the ballpark after drawing down all their lines of credit, but that 2021 payments are very much in doubt. Thanks for contacting us. The loan has come under scrutiny from the Congressional Oversight Commission, a bipartisan panel created by Congress to police stimulus funds. Belgium shuts bars and restaurants and imposes a curfew to halt a spike in cases. Listen on Apple Podcasts | Spotify, © 2020 NYP Holdings, Inc. All Rights Reserved [1][44][45][46] Harris sits on the board of Mount Sinai Medical Center,[47] Harvard Business School,[48] and Wharton’s Board of Overseers. The Wilpons notoriously walked away from a $2.6 billion deal with hedge fund billionaire Steve Cohen back in February that did not include SNY, and sources say a deal with HBSE could make that decision look even worse. A top White House coronavirus adviser has resisted widespread testing, pushing for a form of herd immunity instead. The relationship between Apollo and the White House runs deep. Harris was born to a Jewish family in 1965[6] and raised in Chevy Chase, Maryland. Mr. Mnuchin controlled the $17 billion pot of money from which YRC’s loan was drawn. The commission, which will hold its first hearing on Friday morning, has the power to request documents, call witnesses and coordinate with other congressional committees on oversight matters. Your California Privacy Rights At Apollo, Black’s partners include Josh Harris, lead owner of the NBA’s Philadelphia 76ers and an investor in other pro sports teams. Eager to assist, Mr. Mnuchin assured the senator that “we will look at that specific company and see what we can do and get back to you.”. However, a spokeswoman acknowledged that it was advised of the government loan and made changes to its own loan terms with YRC to accommodate it.
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