Buffalo Sabres Reorganization Worth A Look for New Jersey Devils
The New Jersey Devils were purchased by partners Josh Harris and David Blitzer in 2013. They bought the team, debt and all, along with the Prudential Center for $320 million. At the time, it wasn’t clear if the financiers were trying to diversify their profile by buying struggling teams (they purchased the Philadelphia 76ers when they needed financial help a few years prior), or if they legitimately wanted to be winning owners.
In the 10 years the Devils have been owned by these two, they actually completely changed how they went about owning sports teams. They started the Harris Blitzer Sports & Entertainment team. That team added New Meta, an ESports team, and the Delaware Blue Coats, a minor league basketball team.
What’s weird is the teams that aren’t on this list. It’s well known that Josh Harris finally achieved his dream of owning an NFL team. After failing to buy the Denver Broncos (it’s hard to beat Walmart money), Harris bought the Washington Commanders from Daniel Snyder. The Commanders are not a part of the Harris Blitzer sports group. Blitzer is listed as part of the Commanders ownership group, but he was listed fourth on the official press release behind Harris, Mitch Rales, and Magic Johnson.
While Blitzer and Harris are believed to be equal owners of the Devils and other teams as part of the group, Harris is clearly the owner of the Commanders, with all these other players collecting checks. The same goes for Blitzer’s minority stake in the Cleveland Guardians and his majority stake in the MLS’s Real Salt Lake. Harris isn’t splitting that with Blitzer. Neither is part of the larger sports group.
The Buffalo Sabres announced today that Terry Pegula was becoming the president of the Buffalo Sabres, and that their sports group would be separating into leadership teams for the Sabres and Buffalo Bills. The announcement said, “allow(s) each respective organization to focus singularly on their efforts.”
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Could this ever happen to the Devils? Would it be possible for this to become a snowball effect where other sports groups see what options make the most sense? It seems like Harris and Blitzer are already splitting their efforts, even if they are still working together where it makes sense. With both Harris and Blitzer focusing on other teams, expect the Devils to be less of a focus. That’s where splitting the teams might make sense.
Where this gets complicated is Pegula Sports and Entertainment was owned almost solely by Terry and his wife Kim. HBSE has a lot more hands in the cookie jar. Still, how this Sabres ownership situation plays out is worth paying attention to.