NEWARK, N.J., Aug. 15 (UPI) -- Josh Harris, the owner the NBA's Philadelphia 76ers, has become an owner the NHL's New Jersey Devils, the team announced Thursday.
Harris is part of a group, which includes David Blitzer, that paid more than $320 million for the Devils. The agreement involves the operating rights of the Prudential Center, the 17,625-seat arena in Newark, N.J. where the Devils play home games.
The NHL Board of Governors approved the deal Wednesday. The franchise price will be used to cover the team's outstanding debt, estimated at $230 million.
Harris and Blitzer are among a group of investors that paid $280 million for the 76ers in 2011. Harris is co-founder of Apollo Global Management, a private equity firm, and Blitzer is a senior managing director of the Blackstone Group.
Scott O'Neil, chief executive officer of the 76ers, is to take on the additional role of CEO of the Devils and the Prudential Center. The team announcement said Lou Lamoriello will remain the Devils' president and general manager.
The New Jersey Devils won the Stanley Cup in 1992, 2000 and 2003 and claimed Eastern Conference titles in 2001 and 2012. However, the team missed the playoffs in 2013.
The franchise dates from 1974 when it began as the Kansas City Scouts. The team moved to Colorado in 1976 and then to New Jersey in 1982.
