The Josh Harris Owner’s Manual

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1:04Congratulations! You made the Varsity the podcast. My name is John Aranda and I am Puck's sports correspondent and the host of this pod. And today, the Varsity podcast features an interview that I did with Josh Harris last week in New York at the In the Arena event that Puck put on with our friends over at Moffitt Nathanson. The founder of Harris Blitzer Sports and Entertainment, Josh Harris owns the Philadelphia 76ers and the New Jersey Devils. He's also in the ownership group for Crystal Palace over the English Premier League. And we talk about all of that, of course. But I am most interested in his role owning my hometown Washington Commanders.

1:46This is his third season owning that team. And the turnaround, both on and off the field, has really been breathtaking. I'm not just exaggerating on that. This is a good one. I hope you'll enjoy it. But before we get to Josh Harris, today is Sunday, October 18th, and here's what I'm watching. I broke some news in my private email last week about the Los Angeles Lakers. I found out that Charter Communications has retained the RAIN group to find a buyer for the Lakers' regional sports network called Spectrum Sportsnet. Charter executives told Laker officials just last week that it wants to get out of the RSN business in total.

2:27So it's easy to see why Charter wants to get out. Spectrum Sportsnet is not a core asset for Charter. After all, Charter is a cable operator that is more interested in broadband connections than LeBron's stats. On top of that, the RSN is a money loser with the most team-friendly contract in basketball. Charter is paying the Lakers close to$200 million for the rights just this season, which is the NBA's biggest local rights to be by far. It's not even close. But it's not just about the size of the payout, which is big enough. It's about the length of the deal, too. Charter is locked into this deal for another decade.

3:05The deal runs to 2032 with an option to extend it to 2037. And given the speed of all the change in sports media these days, Charter doesn't want to be locked into a money-losing deal with a channel that it most certainly does not think of as a core asset. Now, I realize I've said that twice already. Charter does not view the Lakers RSN as a core asset. By the way, Charter also owns a Dodgers channel, which it also doesn't consider a core asset. It's important to remember, Charter inherited the Lakers and Dodgers channels back in 2016 when it acquired Time Warner Cable. Charter never looked at these channels as core assets, and now it's simply trying to divest its portfolio as the industry implodes.

3:53It's also important to note that Reign is only looking for a buyer of Charter's Lakers channel. Charter has not tasked Reign, or any other investment in Merchant Bank for that matter, to find a buyer for the Dodgers RSN, which is called Spectrum Sportsnet LA. But it seems obvious that Charter would unload the Dodgers channel if anyone stepped forward to buy it. After all, the Dodgers RSN is on the hook for an average rights fee of, get this, $334 million per year. That's a figure that makes the Lakers$200 million a year look like chump change. There are so many storylines attached to this, but the one that I keep coming back to is just the overall RSN business.

4:37One media executive explained it to me this way. There was a flood that's been coming after the regional sports networks. And at first, it affected the ones in the low-lying areas. Diamond Sports went bankrupt. Warner Brothers Discovery got out of the business. Teams like the Padres and the Diamondbacks, they were left without an RSN in their market in total. Well, now even the RSNs in the upper elevations are feeling the damages from the rising floodwaters. I mean, the Lakers probably have the biggest brand in the NBA. Mark Walter just paid a record-breaking$10 billion for the franchise. But even in Los Angeles, it seems impossible to make a regional sports network work, at least not in the current business climate.

5:23So this is going to remain a story to watch for a long time. Okay, now let's get to my onstage interview with Commander's owner, Josh Harris, from In the Arena. Josh Harris, owner of the Washington Commanders. And my first question for you, I'm going to talk about D.C. for way too long here. But the NFL in Washington, D.C. was in a desert for a quarter century. Within two years, Josh Harris has come in and has changed the entire culture of the team and has been busily building a fan base in your hometown of Washington, D.C. as well. When you took over the reins of the commanders, what did you do to change the culture of the team?

6:11Because it seems it seems to be very, very effortless and easy from the outside. I mean, it just kind of happened. First of all, great to be here. Thank you for having me. And just got in from D.C. last night, and I'm going back to D.C. today. So a lot going on there. But, yeah, look, I mean, obviously I grew up in the era of the three Super Bowls of Washington football. I mean, when I was – some of my earliest memories were walking into RFK and seeing the place bounce. And John Riggins, Joe Gibbs, Art Monk, Daryl Green, even Charlie Taylor and going way back. And so I had a vision for what Washington football could be.

6:57Right. Because I remember, you know, D.C. is a divided city. And that was the only thing or one of the only things that brought everyone together. And everyone cheered for Washington football. And so I had this vision of the power of what it could be. And so I brought that vision to the organization. And then so we came up with a big vision. And what we wanted to do is when you're involved with these franchises, you're a steward for the city. These are public trusts. And we wanted, I had great memories, right? And that's where I started. Like, how do we create great memories for the city and great experiences?

7:34And so that meant, you know, obviously fan engagement, community engagement. and then winning football games, right? Winning is enormously, I mean, it's not the only thing, but you really have to put your all into it. And we talked to the business. I remember Magic Johnson talking to the business staff and we also talked to the coaching staff and said, look, this is a new dawn. Like we got to bring it. You know, this is, we're setting the bar higher. And then we had a tough first year. and in sports, you need to be very kind about how you change things. And we sat there for a year and, you know, watched and we gave everyone that we said, we're going to give you the opportunity to succeed.

8:18And, you know, we weren't succeeding. And so that we, and then I did the three, my three most important jobs as a managing partner are you hire a coach, hire a GM, to hire a president, right? And those were great hires in Adam Peters, Dan Quinn, and Mark Klaus. And so you bring in the best people. So it's pretty, you know, you set the big vision, bring in great leadership, and then you win on the field if you win off the field by having an incredible organization. And, you know, drafting Jaden Daniels didn't hurt. So that's the basic formula, which is vision, people, culture, and then, you know, obviously, ultimately, results.

9:05You're not a new owner. You, of course, own the 76ers. The Devils have a stake in, I can't wait to talk to you about the Premier League, Crystal Palace over in England. When you were a new owner in one of these other leagues, would you have known that? Is that? No. How did you develop? How did that come about? Yeah, so just you learn about the case. So again, when you first get involved with franchises, there's a lot of similarities to business in terms of bringing in a great team, great strategy, culture. Those are all similar. But the difference is that it's a public trust and your currency is not money.

9:52If you're about money and sports, it doesn't work. You have to be about the city and creating memories. And, you know, you know, you have to think about it that way. And, you know, we're all blessed because the demand for live entertainment, which I guess we'll cover later, is allows you to spend. So we we invest a lot in the teams. We invest in the facilities. We invest in the people. And then, you know, we do this for the fans. Right. That's how we think about it. And so that takes a little bit of a mind shift from business. And the second thing is, I remember there's a huge chemical company, which was a fantastic deal, big company.

10:37And no one cares about the price of polypropylene, even though that company hires 10 ,000 people. And everyone cares about the starting lineup for the Washington Commanders or the Philadelphia 76ers. So everything plays out in public. So how you handle and every employee matters. So if you're the parking lot attendant, if you're making the food or if you're a player on the field, if you don't treat everyone respectfully and conduct yourself, it's all in public. It all plays out in public. And so how you handle everything from changing leadership to customer service to the players themselves to the coaches, all that plays out in public.

11:20So you have to really be virtuous. You have to handle things in a very positive way. And that means that sometimes it takes a little bit of a longer time to build a culture. So all that was a learning experience. And then also, I think as an owner, I'm very intentional about the decisions that I make. And I want to attract the best GM, the best coach, right? So if I'm meddling in the starting lineup, it's not that I don't understand if we're going to make a massive free agent decision. I'm asking a lot of questions. But at the end of the day, I'm deferring to the people. Just because I was a great investor doesn't mean I'm going to be a great GM.

12:06And so that's just the way that I do it. Everyone has a different strategy. So I think to get the best people, you have to empower them and then hold them accountable and then make them and give them a little bit of time. In sports also, like everyone wants immediate gratification. You know, you lose one game and everyone's like calling for the coach to be fired and this and that. And that's not always the right decision, right? And so you have to be willing to stand there and do what you think is right. So all those things, right? And in particular, how you handle the GM and the coaching decisions, like all that, you know, is learned over time.

12:46How hard was that for you? Because you are a good investor. Like, I bet you're good at fantasy football. I bet you won every now. Like, you do have opinions on who should start or who you should approach in free agency. Yeah, so what I do is, yeah, so it's a learned skill. Are you good at fantasy football? I was, I'm not allowed to do that anymore. Oh man. Not for money. So, you know, I think that, you know, again, I think it's about hiring people that you respect, creating that relationship and then having an open and honest dialogue. We have open and honest dialogues about everything. I'll give people my opinions, but I really make it very clear that I'm deferring to them on most decisions.

13:29If I see someone making a really bad decision, I'm not going to do it, right? Like, but I think that by and large, that is a very small fraction of the decisions that are made. And so, yeah, that's a learned skill. You go from, so I think in your career, in the arc of my career, I went from doing and making stuff happen to managing, which is basically telling people what to do, to leadership. Leadership is, you know, you set out a goal, you set out a vision, and then you hold people accountable. And then you make sure that you bring in someone. The hiring process becomes very important. So if you hire someone that doesn't share your vision, then you're going to be at odds with them.

14:05So I think that like leadership is different than management. And I think, I think sports is a lot more about leadership than it is about managing or doing. I started the interview talking about the culture change that I've noticed. Have you felt it? And how much further do you feel like you have to go to, to get where, you know, we were in the, in the eighties in DC? Yeah. So I think that I, of course I feel the culture change. The culture has changed, you know, like crazy in and around watching football. I mean, kids in my neighborhood are wearing commander's uniforms. So look, what we've done is obviously, you know, brought back the team in terms of, you know, the record and being a contender, but also we invested over a hundred million dollars in the facilities.

14:51We cleaned up the training area, We changed the food and we started to make fans feel and the city feel that we cared. Right. And we got out in the community, everything from community events to charity to like hosting dinners. And we just brought people in and engaged. And if you go to the you know, obviously I was not happy about Monday Night Football. But I think that in terms of the result, but the stadium was on fire in terms of, you know, we're sold out for the rest of the season. And so the city has exploded with enthusiasm. And, you know, as someone who grew up in Washington, you know, it's so humbling to, you know, see everyone enjoying themselves.

15:32And so many people come up to me in the streets and they say, thank you. You've changed my life. I'm a happier person. And that's what sports does. And I remember when we beat the Lions in the NFC to get to the NFC championship last year. I get someone sent me a video of a grown man crying in a bar. He was so he was so happy. You know, he was like tears of joy. And all of us who grew up with Washington football and those three Super Bowls and, you know, John Riggins breaking that tackle for the first one and the Hogs and all that stuff. And Daryl Green and Art Monk. And that's another thing we've done is like really bring back the alumni.

16:11We showed up at Art Monk's house and he had just blown off the team. He had said, I don't want to be involved with this team anymore. And we literally showed up, surprised him with like Doug Williams and the fun bunch, which was like his group of receivers and Gary Clark. And he was startled. And now he's coming back and retiring his number. And so valuing the alumni is yet another thing that you do. If you celebrate the alumni, you don't treat the alumni well. I mean, Daryl Green, Art Monk, Joe Theismann, Billy Kilmer, Sonny Jerkinson, those people built Washington football, right? And if you don't celebrate them, you know, then what does that say to the guys on your team who are to win in the NFL?

16:51It's just brutal. I mean, you're up. I mean, every game is physical. People are playing through pain and playing through injuries. So you have to get people motivated to go that extra mile. That's how you win. And so all that stuff has changed the culture. And the city has responded explosively. You were saying that you were at a game in your box and you're sitting right in between Billy Kilmer and Sonny Jurgenton, which people of our era. I mean, that was royalty, right? Yeah. So those were two, obviously. I mean, is there a part of you that thinks like you're like a kid that's like, you know.

17:23Yeah. So, you know, when I. So obviously I have a number of sports investments and we have the second largest sports platform, I think, in the world. from a team point of view. And I have a team of investors that when we invest in things, they go and we try to be unemotional, right? Because you're investing as a fiduciary just for someone else because it's not just our money. And when I got to FedEx Field, which is now Northwest Field, and I did my first session, I was like, wow, there's John Reagan's jersey and there's Daryl Green and there's a statue of Sean Taylor. And like, and my team was like, are you okay?

18:07So, so I was quite emotional about it. So yes, you're definitely emotional about teams that you grew up with. We all love teams. You know, your first love in sports is generally the team that when you were eight to 15, right? Like, and, and, or you played the sport yourself. And so, you know, obviously that, that was the biggest thing in town. Like on Sundays, Washington would shut down. I remember riding my bike and just seeing no cars. And either everyone was glued to their TVs or they were at the stadium, which was sold out for 20 years. Which, by the way, we're bringing back RFK, obviously.

18:45And so all those memories matter. And so, yes, that's exactly how it is today. Hi, this is John O 'Ran back in the studio. We're going to take a quick break here, but then when we return, I'm going to ask Josh about owning the 76ers, the Devils, the Commanders, and what it's like to be an owner in three different professional sports leagues.

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20:18you are the owner of the um 76ers of the devils of the uh commanders that's a nba nhl nfl compare those three leagues as a as an owner yeah so i would say that um the three leagues are similar in terms of the things that i talked about in terms of setting a culture a vision holding people accountable and then, you know, upgrading the facilities, the stadium, the arena, the fan experience. And when we bought the Sixers, they were 25th to 30th in every category in the NBA. Now they're fifth to eighth, right? Or third to eighth, depending on the category. And we're obviously building a new arena in Philly.

21:01And so there's all those same fundamentals, I'd say. And then you all operate your fierce competitors, you know, on the court, on the ice, on the field, But, you know, in the NBA boardroom, right, or the NHL boardroom, you're partners, right? So you're collaborating, you're marketing your trademark and your brands together. You're negotiating media deals. And so that's also another experience, which is really enjoyable and interesting to be working with the leagues, all of whom have very talented people helping you. And then I'd say the differences. So those are all the same. And the differences are, you know, obviously each sport has its own culture and nuance.

21:40Football is much bigger in terms of like there are probably 25 million people watching Monday night football. And the average basketball is about 1.7 million and hockey, probably a million. And so just the media footprint of football is a lot bigger. When we played in the NFC Championship, there were 40 million people watching it. That's more than 10 percent of the U.S. So everyone knows, I mean, you know, you do well, you do poorly. Everyone's like, okay, I saw you on Monday Night Football. You know, how do you feel? So that there's that element of it. Plus, I'd say that football is, you know, you know, obviously you start with a roster of 95 and then you get to 70 and 55, but there's a, it's a much bigger group of people.

22:22And, you know, obviously in the NBA, which is the other team that I spend a lot of time on, you know, the rosters are much smaller. And one or two players can make, you know, a quarterback can make a difference in the NFL, but then, you know, in a major way. But the team element of it is different, right? And that creates a different culture. Same with the NHL. In the NBA, right, two, three, four players can, that can really make a difference. And so all those create different nuances. But those would be the similarities and differences. And then obviously the Premier League, European sports are very different.

22:58So every sport in the U.S., you know, they set it up so that each team has the opportunity to compete and win. And that involves a draft, right? So if you really don't do, if you have a tough year, you get the high draft pick. You rebuild your franchise. It's very calibrated to be competitive in Europe, right? We, you know, Crystal Palace plays against, you know, Man United, Man City, Chelsea, PSG, you know, if we get, you know, in Europe. And those are in the Premier League, the other British teams. But they spend two, three, four times what we spend on players. And that's just how it works. And then they have relegation and promotion, which is also, you know, very hard to deal with financially.

23:40So it makes you be a little bit shorter term in terms of investing. Is that a good investment, getting into the Premier League? You know, listen, global soccer, football is the most popular sport in the world. And the Premier League is the most popular league in that arena in soccer and football. So I think that, yes, I do think it is. And it's a lot harder competing with teams that are much bigger than you. We're doing a pretty good job of it. We're sixth in the Premier League right now, but it is harder. And, you know, you got to be careful with the relegation stuff. And, you know, you really have to be on, you know, the performance much more closely every day because momentum can swing you one way or another.

24:26But, yes, I think it is a good event. How much of your time do you devote to each of these ownership teams? Yeah, so I really my two responsibilities in sports day to day are the commanders and the Sixers. I have a partner in London, Steve Parrish, that runs Crystal Palace, and he makes 50 transfer decisions every window, right? So he's very communicative, and he's like, Josh, I'm doing this, I'm doing that. And I'm always like, you know, he's like, what do you think? I'm like, what do you think? So he owns, you know, he does a great job. We do do weekly calls, but by and large, and then he runs it.

25:09And then David Blitzer, my partner, HBSC runs the Devils. And so there's only so much you can do. And I spend a lot of time in Washington and a decent amount of time. Would trust the process, would that work in D.C.? Would that work in the NFL? Not D.C., I meant the NFL. I think that rebuilding is appropriate in sports if it's done the right way. I don't know that. I think that particular moniker probably wouldn't work in the NFL. No. Definitely not in D.C. if it came from Philly, I think. That's a moniker that we, you know, RIP. So I will leave that one. When you bought the Commanders,$6.1 billion to buy the Commanders, which set a record that has since been, the Lakers are now valued at$10 billion.

26:09A couple other teams sort of went for more. So it looks like you stole them, basically. What a deal. Yeah, so when I bought the Commanders, I paid the highest price ever in the history of the world for a sports franchise. And it was like a surreal day because I, you know, I wired taking me a long time to I was a middle class kid. And it was a surreal day sitting there driving to the stadium and like wiring out six billion dollars and going, am I crazy? What am I doing? And I took a moment to think about it. But at the time, obviously, I knew the power of the NFL and the power of Washington franchise.

26:49I remember Washington being the number one franchise in the NFL for many, many years. and so I did it and I told everyone, you know, I got teased about it that I was a value investor in my day job and still am like everyone, your credentials are shattered paid a hundred times but we you know, obviously the NFL is such an incredible franchise and live content, live entertainment is so in demand and the NFL is the biggest franchise in the world in terms of sports content And then the commanders are also, we're a sleeping giant and they're now waking up and, you know, we're now sold out and they're now becoming, you know, an important franchise as well.