Josh Harris on Commanders Stadium Deal, Philly Arena, and Sports Valuations

Commanders Stadium Deal in DC

• 🏟️ Josh Harris discusses the seismic $3.8 billion deal for a new Washington Commanders stadium at the RFK Stadium site, aiming to bring football back to DC.
• 💡 The project includes a $2.7 billion stadium with a dome, designed to host major events and redevelop surrounding neighborhoods with affordable housing and parks.
• 🤝 The deal involved complex negotiations with Maryland's Governor Moore and DC's Mayor, securing federal land transfer and a significant investment in the city's infrastructure.
• 💰 Harris emphasizes the deal's substantial ROI for DC, promising billions in tax revenue, thousands of homes, and jobs, with 30% of housing designated as affordable.

Philadelphia 76ers Arena and Global Sports Ownership

• 🏀 A new arena deal in South Philly was negotiated with Comcast, focusing on an enhanced fan experience and redeveloping downtown areas.
• 🌍 Harris highlights a common thread across his ventures: building amazing fan and player experiences that benefit the host cities.
• 🧠 He shares personal memories of RFK Stadium, emphasizing the unifying power of sports and his desire to recapture that magic for DC.

Sports Valuations and Private Equity

• 📈 Sports team valuations have skyrocketed, driven by media rights, global reach, and increasing institutional capital.
• 💰 Harris views sports teams as growth equity investments, backed by media deals and economic resilience, with the NFL currently showing strong profitability.
• 🤝 The NFL's limited ownership slots create scarcity value, while growing revenues and cash flow justify high valuations, with potential for further increases.
• 📊 He emphasizes that free cash flow is the ultimate metric for deal valuation, more so than EBITDA, especially in the context of sports franchises.

Commanders' Business Transformation

• 🌟 The Commanders have significantly improved their standing in the NFL Players Association report card, moving from last to 11th, based on player feedback.
• 🛠️ Key improvements include rebuilding player facilities, showers, locker rooms, and weight training areas, costing $125 million.
• 🎯 The goal is to make the Commanders a destination for players by demonstrating care through top-tier facilities and amenities.

Leadership, Family, and Future Investments

• 👨‍👩‍👧‍👦 Harris prioritizes health, family, and business (including sports), aiming to impact the world positively through his ventures.
• 🚀 He advises aspiring professionals to pursue their passions, maintain a vision, and remain resilient through challenges.
• 🚺 The owner is actively pursuing a WNBA expansion team in Philadelphia, seeing a significant growth opportunity and an existential moment for women's sports.