Crystal Palace owner Blitzer part of £1bn mega stadium redevelopment
Co-owner of Premier League club Crystal Palace, David Blitzer, is part of a group spending around £1bn on a major new stadium that his team will share with another club.
The American, who became the first investor to hold stakes in the big five North American leagues – MLS, MLB, NFL, NHL and NBA – is reportedly worth $4bn and will splash the cash on a new arena which should open in 2030.
His Philadelphia 76ers franchise will move in with the Philadelphia Flyers at a new arena on a site in the south of the city with an opening date that is hoped will accommodate the area’s women’s NBA expansion franchise.
The Philadelphia 76ers had been tenants for a decade but will become 50-50 partners – under their Harris Blitzer Sports & Entertainment (HBSE) umbrella – alongside Comcast Spectator. It has been designed by the firm behind Fulham’s Riverside Stand, and Wembley Arena and Tottenham Hotspur Stadium, Populous.
HBSE was co-founded by Blitzer, a shareholder in Premier League club Crystal Palace, alongside Josh Harris, co-founder of Apollo Global Management, in 2017.
Crystal Palace owner portfolio
Their portfolio includes the aforementioned Sixers, NHL side the New Jersey Devils and a Nascar team. Blitzer is also part of the consortium involved in NFL’s Washington Commanders, NBA’s Cleveland Guardians and MLS side Royal Salt Lake.
Beyond the States there are holdings for Blitzer, through Global Football Holdings, in Crystal Palace, Germany’s FC Augsburg, Denmark’s Brondby IF, Portugal’s Estoril Praia, Belgium’s Beveren, Spain’s Alcorcon and Dutch side ADO Den Haag.
“Building something of this scale takes a village. I’m honoured to serve as chairman of this joint venture and thrilled to collaborate with my longtime partners Josh Harris and David Blitzer, HBSE CEO Tad Brown, and our partners at Comcast and the Flyers, Brian Roberts and Dan Hilferty,” US businessman David Adelman said.
“Together, with global design firm Populous and nationally acclaimed architect Moody Nolan, we’re working to create one of the most technologically advanced venues in the country, delivering a world class experience while generating hundreds of millions of dollars in tax revenue for the city of Philadelphia and its School District.”
The arena will sit beside the home of the Philadelphia Eagles NFL team’s Lincoln Financial Field and the Philadelphia Phillies’ Citizens Bank Park.