Billionaire David Blitzer Set a Major Sports Milestone
With the recent purchase of the Cleveland Guardians, Blitzer becomes the first person to hold equity in five major U.S. sports leagues.
History is in the making.
Major League Baseball has approved the sale of a partial stake in the Cleveland Guardians team to billionaire David Blitzer, according to Sportico. This will make Blitzer, 52, the first person to hold equity in all five major U.S. sports leagues – Major League Baseball (MLB), the National Basketball Association (NBA), the National Football League (NFL), the National Hockey League (NHL), and Major League Soccer (MLS).
Blitzer, who has a stake in the Philadelphia 76ers, New Jersey Devils, Pittsburgh Steelers, Real Saltlake, and now the Cleveland Guardians, is also Senior Managing Director & Head of Tactical Opportunities at Blackstone, an investment management company.
With his recent purchase, Blitzer now owns a 25-30% stake in the Cleveland Guardians. In the upcoming years, he'll have the ability to increase his stake to a controlling interest (50% or more). MLB Commissioner Rob Manfred told ESPN that he is "really excited about the change there."
What is David Blitzer's background?
A native of Scotch Plains, New Jersey, Blitzer graduated magna cum laude from the Wharton School of Business at the University of Pennsylvania in 1991. Immediately after graduating, Blitzer began his career at the Blackstone Group, an investment management firm. He worked his way to Senior Managing Director & Head of Tactical Opportunities – a position he still holds today.
Blitzer is also a sports fan. "You sit there as a fan your entire life — I'm a huge sports fan — and you see X, Y, Z owner and think, 'Wouldn't it be really cool to own a sports team,'" Blitzer told the New York Business Journal.
How much is David Blitzer worth?
It is estimated that Blitzer is worth upwards of $1.3 billion, according to Market Realist. According to Forbes, he purchased the Philadelphia 76ers for $280 million in 2011. By August of 2019, the value of the team had increased to $1.7 billion. In 2013, he purchased the NJ Devils at over $320 million. The value of that team has increased to $455 million.
What does David Blitzer do with his money?
Blitzer, along with his wife Allison, a fellow Penn graduate, runs the Blitzer Family Foundation. The foundation "promotes youth development through education, athletics, and health," according to its website. He also serves on the Boards of Dream, a youth development organization servicing more than 2,200 inner-city children. Finally, Blitzer is a supporter and donor of Hillel International, the largest Jewish campus organization in the world which encourages Jewish undergraduate and graduate students to embrace their Jewish heritage.
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