Harris provided moral support and asked how he could help. Talking about Stuart, he is currently studying at UPenn. When the cut was announced, the 76ers star Embiid offered to donate $500,000 to help affected workers. The Harris clans patriarch, Josh attended the Wharton School of the University of Pennsylvania. The Commanders in particular could have a special connection to Harris. _taboola.push({ Monitor your investments 24 hours a day, around the clock from around the globe. mode: 'thumbnails-rr', A monstrously large mansion on the Upper East Side has sold to a brash billionaire named Joshua Harris, who co-founded Apollo Global Management with Leon Black and Marc Rowan. During his freshman year at the University of Pennsylvania, Harris wrestled and in college played competitive pickup basketball with his friends and fraternity brothers, including Tony Ignaczak, the president of the private-equity firm Quad-C Partners. He was ranked as the 272nd richest American in the Forbes list of richest Americans 2017. Copyright 2023 The Washington Times, LLC. Harris is a co-founder of Apollo Global Management, the alternative asset manager he started with Marc Rowan and Leon Black. When Josh Harris helped run Apollo Global Management, some of his subordinates quietly groused about the investor's divided attention, pointing out that the family office through which he handled personal investments operated on the same 42nd floor as other Apollo employees, and that he regularly took phone calls about the sports teams he owned, the New Jersey Devils and Philadelphia 76ers. Eric Menell, JPMorgan's cohead of North American media investment banking, is representing the couple, Variety said. Harris has a small personal stake in the Pittsburgh Steelers, according to a source. If the deal with Chelsea goes through, Harris and Blitzer will be required to sell their stake in Crystal Palace. He played football there, but at high school, he lettered four years in varsity swimming. In 2016, Josh Harris daughter, Hannah, enrolled at Harvard University for her undergraduate studies. The seller is Marcelo Claure, the CEO of SoftBank Group International, who oversees SoftBank with CEO Masayoshi Son, and is in charge of companies like Sprint and WeWork. articles a month for anyone to read, even non-subscribers! He recalled one race in particular, when Ignaczak started pushing the pace, pulling ahead from Harris slightly with a few miles to go. His group was involved in trying to buy the Broncos, going so far as to tour Denvers facility and meeting with several members of the organization before Walmart heir Rob Walton purchased the team. At the end of the day, he lets his people make the decisions because they are the professionals.". He . Talking about his business ventures, he is the co-founder of Apollo Global Management, which is one of the largest alternative investment firms in the world. (Podcast), After urging Leon Black out, Harris is no longer running day-to-day operations. Harris is. Lasry, the founder of the $10 billion hedge fund Avenue Capital, had become accustomed to his longtime friend's constant smack talking. The pairs main competitor is Todd Boehly, another American billionaire who owns MLBs Los Angeles Dodgers. Last year at Apollo, Black stepped down as CEO after an internal investigation disclosed he paid Jeffrey Epstein more than $150 million for tax advice and other consulting services. The company also acquired Clutch Gaming in 2019 to expand into the digital entertainment space. He was raised in Chevy Chase, Maryland. He was ranked at the 745th spot in the list of world billionaires which was published by Forbes in 2017. Harris, who commutes from New York to 76ers home games via helicopter, has an ambitious work ethic that is frequently cited by friends and colleagues. "If you are able to cross over into the family office, that means you are very well-liked and well-regarded," said another former Apollo employee, referring not only to Harris' family office, but to Black's family office, which bought an art publisher in 2019, and cofounder Rowan's family office, known for purchasing properties throughout New York and Florida. Sridhar Natarajan. Specifics of negotiations are being kept secret. Both men knew three players were going to get picked early: Andrew Wiggins, Jabari Parker, and Joel Embiid. }); Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License. Welcome to another episode of SALT Talks with host Anthony Scaramucci, and guest Josh Harris, the co-founder of Apollo Global Management, one of the world's . He played ice hockey at high school. American Joshua Harris is one of the senior managing directors of Apollo Global Management. Hannah was an intern at Public Broadcasting Service, Showtime Networks Inc., and PepsiCo. Variety reported in April that the former MLB star Alex Rodriguez and his fiance, the actor and musician Jennifer Lopez, were working on a bid for the deal, backed by the biotech investor Wayne Rothbaum. Even though they had already backtracked, his column leaned in, criticizing them for "four years of losing," increasing ticket prices, and a "meaningless home game in the early stages of the pandemic.". (Podcast). At the same time, the firm's other cofounders were also engaged in side hustles. If you are an investor who has thoughts about private-equity executives' family offices, reach out to Casey Sullivan at csullivan@insider.com or 646 376 6017, or Hayley Cuccinello at hcuccinello@insider.com or 917 740 5340. placement: 'Right Rail Thumbnails', The subordinate wasn't alone in benefiting from his relationship with Harris. But some Blackstone executives have still managed to operate their own side businesses, like David Blitzer, who partnered with Harris to form the sports-management firm, Harris Blitzer Sports and Entertainment. "He has to be willing to spend the right money and time to get the right players," Lasry said of the prospective investment. Bezos is currently worth $115 billion, while Josh Harris's net worth is listed as $6.3 billion. One of the most significant costs of family offices doesn't have to do with associates or investors at all, but to the headaches of the private-equity executives who form the offices themselves. independent local journalism in Denver. The two men have also dipped into the soccer market as both have minority stakes in Crystal Palace F.C., an English Premier League team. Offers may be subject to change without notice. Stay up to date with what you want to know. Joshua Harris, also known as Josh Harris, is a private equity investor and philanthropist from America. We look forward to learning more about them in the coming days. Likewise, he also interned at Reciprocal Ventures for two months in 2022. Harris, who recently announced the launch of a new fund called 26North, declined multiple opportunities to speak with Insider for this article. Embiid, who's known as "The Process," told Business Insider he reached out to Harris and other owners after the decision was announced and expressed his opposition to it. It might be helpful if you actually got some exercise.". There are a lot of dominoes still to fall, but Harris track record across two major North American franchises offers insight into how the Commanders might operate differently under someone other than Dan Snyder. The first source, who worked with Harris as recently as 2021, said Harris's personal staff sometimes showed up to meetings and brought him work that was unrelated to Apollo. Joshua Harris is an American billionaire and private equity investor. He qualified and worked as an orthodontist. Under his leadership, Apollo has become the second-largest alternatives and largest alternative credit manager today, with over $460 billion in assets . Golf's Greatest Holes: Golfing legend Paul McGinley takes television presenter Chris Hollins on a tour of the best golf courses in Ireland and Northern Ireland. He enrolled in 2021 and is pursuing a Bachelor of Arts in Integrated Biology. Bloomberg Daybreak Europe. NBC Sports Washington reported this week that Harris, the managing partner of the NBAs Philadelphia 76ers and the NHLs New Jersey Devils, is perhaps the top candidate to buy the Commanders with Amazon founder Jeff Bezos yet to make an offer and investor Todd Boehly dropping out of the bidding. mode: 'thumbnails-a', With both teams, Harris and his ownership group have largely allowed coaches and executives the time to prove themselves. According to these sources, Harris is one of the most hard-driving people they've worked with and applies a private-equity playbook to his expanding list of sports assets. Markets never sleep, and neither does Bloomberg News. 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The Mets deal would be a major building block for HBSE's sports empire, though sources familiar with the matter say the talks are still in early stages. And, as a rumored front-runner to buy the Washington Commanders, the Miami-based billionaire could be adding another franchise to his collection. Join the Westword community and help support Antoine Munfakh, a flashy and hard-driving Los Angeles executive who's known for wearing pink suits and driving a Rolls-Royce Phantom, was one of the youngest people to make partner at Apollo. Did You Know Soccer Player Crystal Dunns Husband Pierre Soubrier Is A Football Specialist? After completing her bachelors degree, she joined PepsiCo full-time as an Associate Marketing Analyst | Sports Marketing and then as a Marketing Analyst | Water + Commercial team. The trio met at investment bank Drexel Burnham Lambert,. And few people dared to object to the private-equity executive's business, given his influence in managing the firm's operations, they said. The property includes a large courtyard with fountains and a covered deck, connecting the main house to a modern-style guest house. The behind-the-scenes drama between Apollo Global Management Inc.s billionaire co-founders keeps brewing, with ramifications for investors as the company reconfigures its governance this year. Harris also founded Harris Blitzer. They didn't just buy a refrigerator for the court. The president of Galatioto Sports Partners declined to comment. April 20, 2022 In addition, in March 2019, he ran a half marathon in Jerusalem for the charity Gift of Life. The businessman, who built his wealth in the private equity world by co-founding Apollo Global Management, grew up in Chevy Chase, Maryland, and went to The Field School in the District. Billionaire investment ace Josh Harris made two major lifestyle adjustments this month: he stepped down from his role at Apollo Global Management, a company he co-founded, and he's picking up a 2005-built modern Mediterranean-style waterfront estate in Miami Beach, according to The New York Post.The property requires an outlay in the neighborhood of $32 million. Ever since, Joshua works as a senior managing director of the private equity mega-fund investment Company. In the NHL, Harris Devils havent gone to the extreme of bottoming out but the owner has shown patience and the willingness to swing big since buying the franchise in 2013. And the topic has become more relevant than ever, as private-equity executives have amassed personal fortunes over the past few decades and many are now dabbling in investing their own money. Heather Perlberg. That said, this season, the Devils are 29-12-3 entering Wednesdays action the third-best record in the league. Steven Cohen, Chairman and CEO of Point72 Asset Management, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. For all the talk about personal investing, there appear to have been no public complaints from investors. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. "And you're just sitting there, waiting for him to get off the phone.". Among Josh Harris children, two are sons, Thomas Harris and Stuart Harris, and three are daughters, Hannah Harris, Pierce Harris, and Bridget Harris. Michael Rubin, Harris' business partner and a co-owner of the 76ers and Devils, said. Joshua worked at Drexel Burnham Lambert with fellow Drexel alumnus Leon Black and Marc Rowan. ", (The Bucks wound up with Parker and the 76ers took Embiid.). For years, Josh Harris conducted personal business while running Apollo Global Management. While responsible for Apollo investments like Sun Country Airlines and Direct ChassisLink, Munfakh also stepped in to help with HRS Management, Harris' family office, leading its investment in Volotea Airlines in 2018. Russian oligarch and owner of the Chelsea Football Club Roman Abramovich has to sell the club to avoid sanctions from the U.K. amid the ongoing war in Ukraine. While Hannah was a senior at Harvard, she worked on her Psychology Honors Thesis in the Krasnow Lab, which examined parental victim-blaming behaviors. "Sure, he pushes them around here, but never in a way that is conflicting," said one KKR employee. The conversation quickly became: How do we make this situation better? Click here for reprint permission. Full access to our market-moving business journalism Exclusive quarterly investment guides Now, the billionaire private-equity titan has accused his former partner and Apollo Global Management. The property also boasts a pool and a basketball court. And that hasnt helped how his ownership has been viewed. With $350 billion under management, Harris' alternative investments firm is one of the largest in the industry and known for being among the most aggressive investors. For Josh, he likes basketball teams.". The team was going through a rough patch, and Embiid felt he was in a slump. A person with knowledge told The Post Harris remains focused on Apollo for now but is unsure of his future plans. Bloomberg Daybreak Europe. According to Forbes, his net worth as of April 19 was a paltry $5.7 billion, less than 10 percent of Walton's estimated $70 billion value. And, as a rumored front-runner to buy the Washington Commanders, the Miami-based billionaire could be adding another franchise to his collection. But experts said that investors have little recourse if they object to the hirings. Other more senior executives who worked with Harris in the 2010s were taken aback by the time he spent on his sports franchises, including the English soccer team Crystal Palace. Harris, 55, owns or co-owns the 76ers, the NHL's New Jersey Devils, and the Crystal Palace Football Club, a London soccer team. But theyve also generally drafted well, hitting on the selections of centers Nico Hischier and Jack Hughes with the first overall picks in 2017 and 2019. Harris will be out in six months, an insider tells Gimme. He owns the NBAs Philadelphia 76ers and the NHLs New Jersey Devils. Overnight on Wall Street is morning in Europe. Apollo went public in 2011; Black still owns roughly 23 . In 1990, Josh along with Leon Black and Mark Rowan founded Apollo Global Management. The prior winter, Harris had visited Embiid's New York apartment. I'll buy you a refrigerator,'" he said. Then, he went to Harvard Business School, from where he received his MBA. But he didn't offer much of an answer when the topic switched to the team he'd just purchased. He is the co-founder and the senior managing director of Apollo Global Management, a private American equity investment firm. Harris and his business partner David Blitzer, who also works in an executive role for Blackstone, are prepared to go "all-in" on Chelsea. To breathe in some life, the 76ers cut ticket prices to the upper bowl to $17.76, backed a local ad campaign,and created a new practice facility for the team. Though the NBA and the NHL are most decidedly not the NFL nothing in the world of sports is, really Harris and his ownership group, Harris Blitzer Sports and Entertainment, have shown the billionaire is willing to gamble big when it comes to running a sports franchise. Black's Elysium family office invested with Harris' HRS in the 2018 purchase of Volotea Airlines. The sports moguls already own a stake in one team, with partial ownership in Crystal Palace FC. He said he never personally heard a complaint about the office, though he acknowledged that he wasn't privy to Apollo's internal discussions. Billionaire Josh Harris, co-founder of Apollo Global Management, is buying a $32 million Miami mansion at 2060 N. Bay Road in an off market deal, sources tell Gimme exclusively. Theres also a formal dining room, a chefs kitchen, a gym, office and lots of water views. Josh Harris the billionaire who owns the Philadelphia 76ers is cutting his stake in Apollo Global Management following his co-founder Leon Blacks noisy exit as the private-equity giants chairman and chief executive. Marjorie Rubin is the daughter of Albert Rubin and Lillian Rubin. As mentioned earlier, even after being born to a famous dad, Josh Harris kids have remained away from the limelight. But interviews with more than a dozen people close to him paint a picture of the man who the Mets could quickly find calling the shots from up top. In the past two years, the team climbed to first in the league, averaging more than 20,000 fans. Aron recalled getting a tour of the former bleak practice facility at a Philadelphia college, with then-coach Doug Collins telling him how he needed a refrigerator. The Behind-the-Scenes Drama Between Apollo's Co-Founders. He was ranked at the 745th spot in the list of world billionaires which was published by Forbes in 2017. Brad Barket/Getty Images; Nick Wosika/Icon Sportswire via Getty Images; Al Bello/Getty Images; Ruobing Su/Business Insider. Denver's independent source of She worked until September 2019 as a Social Media Coordinator and Marketing Manager. She is the wife of Joshua Harris is known as Marjorie Harris. Harris Blitzer Sports & Entertainment investments include companies like Future, Wagr, HomeCourt, Artie, and Proteus Motion. Over three decades, Apollo grew assets under management to over $500 billion. Here's how 6 firms like Blackstone and Cerberus are building teams and what's holding some back from going all in. Among NBA. We hope we learn more about their relationship soon. Josh Harris (born 1965) is a billionaire American private equity investor and philanthropist who co-founded Apollo Global Management, one of the world's largest alternative investment firms. Harris turned to sports investing after a lifetime of athletics. Forbes valued the 76ers at $330 million in 2011, the year Harris bought the team for $280 million. CEO Leon Black, for instance, is chairman of the Museum of Modern Art. Unlike the 76ers, who are on track for a sixth straight postseason appearance, Harris hasnt found the same level of success with the Devils. One advisor to Harris' family office said there would be an internal conversation every year to ensure the proper expense allocations. One insider said: "You could fall in love with something and want it, rather than be more calculated on price and exit. After that, he began working at the Pennsylvania Office of Attorney General as an intern in the Organized Crime Section in June 2021, and it ended in August 2021. The purchase is yet another sign that Harris is on his way out at Apollo, business sources say. "I really think he looked at Apollo as his business legacy and sports as his business and philanthropic legacy," Ignaczak said. The wealth he's accumulated has also made for some thorny optics. He thinks long term, seeking to create a sports franchise that competes for championships year after year. It could be an awkward dynamic, former employees said, given that working with the firm's cofounder was perceived as a fast-track to a promotion at Apollo, offering some young professionals the incentive to work on his investments. "He wants to make sure there's nobody who's doing anything better than what they're doing.". Josh remembers him well. Years later, the investors kids also attended his alma mater. People may receive compensation for some links to products and services on this website. The stock sales are much larger than any by Marc Rowan, who succeeded Black as Apollos CEO, or Black himself, who has never sold a single share of Apollo, according to filings. Lasry's account of the banter speaks to Harris' competitive streak, which has led the onetime college wrestler to assemble a sports empire. One person who worked directly with Harris throughout the COVID-19 pandemic said that the billionaire could be "incredibly painful to deal with" in meetings about Apollo's investments. Leon Black escalated his fight against former business partner Josh Harris, naming him as a defendant in a lawsuit that lays bare the bitter battle for control of Apollo Global . The lawyer said that the documents often state that a firm's executives will dedicate "as much time as reasonably necessary" to managing their investments. Christopher Ullman, a spokesperson for Rubenstein, said that his family office is designed to not compete with Carlyle and that its independent investment arm focuses on "purposefully selected sectors and deal sizes" and ensures that each one is "precleared" by Carlyle so there are no conflicts of interest. Owning a club, the city is really depending on you to win, Harris said at a London business conference in 2021. Such public scrutiny isn't common in the secretive world of private equity, where Harris has devoted his career. In a statement to The Post, a spokesperson for Harris said, Josh remains a strong and supportive long-term shareholder of the company.. Philadelphians had more enthusiasm for the city's other sports teams, like the Eagles or Phillies, Aron, the former 76ers CEO, said. Josh Harris is no stranger to owning sports teams. Josh Harris is no stranger to owning sports teams. Harris and Blitzer are at the helm of the eponymous Harris Blitzer Sports & Entertainment company. "They are never going to promise 100 percent of their time.". You are actually involved in the decision-making. "And if he gets that, I think it's great for the fans of New York.". Also, we wish them love and light. The expanded allegations, in an amended complaint on Monday, add to a lawsuit initially brought in October against former Russian model Guzel Ganieva. Instead of tapping Harris to succeed him, Black chose another executive, Marc Rowan, to become Apollo's next CEO. Ignaczak, Harris' close friend, said his competitive streak has surfaced when the pair have run races together, like Philadelphia's half and full marathons. It was part of what caused a rift between him and his former real-estate cohead back in 2011. Joshua is the managing partner of an investment group. In January, he left the firm and began planning a new investment fund. That's a long cry from sharing a college gym.". When NHL Commissioner Gary Bettman first met Harris, it was clear he wasn't treating his ownership of the Devils as some frivolous endeavor, Bettman said. Last year, the group put its soccer team up for sale while eyeing at least two NFL teams, sports consultant Marc Ganis said. "You know what Josh did? Joshua Harris is net worth of $3 Billion according to Forbes Magazine. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, China Warns Hedonistic Bankers to Toe the Communist Party Line, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales, Apple Suppliers Are Racing to Exit China, AirPods Maker Says. "It was definitely a source of tension internally," said the former Apollo employee who worked with Harris in 2016. Even with such disclosures, there can be hidden costs to family offices, including fueling internal fiefdoms within an organization and the extra work needed to successfully navigate conflicts of interest. One lawyer pointed to the jargon-laden contracts investors sign with private-equity firms. The couple has three sons and two daughters. The company owns and operates the Sixers and N.J. Devils. "He would be great for my Mets.". While in College, Josh did wrestling. But even if everything is legally sound, family-office activities can create distractions. Insiders explained how he's applied an aggressive style he honed at Apollo Global Management to the sports world. Harris relationship with Leon Black and other top brass at Apollo has been strained since Harris encouraged Black to leave amid scrutiny of Blacks relationship with sex offender Jeffrey Epstein, according to numerous reports. "We would be in an investment committee and Josh would be sitting there and his family-office employees would come in and bring him breakfast, or come in with a deck that clearly has the Devils logo on it," the source said. Share Them by March 3, A glossary of kink terms you didn't want to know but now will, Dominion Has the Cure for Foxitis: $1.6 Billion Defamation Lawsuit, Jefferson County Finds Itself Up a Tree Over Controversial Forest-Thinning Practices, Impending Bill Digs Into Problems With Colorado's Environmental Permitting Process. The news comes as Apollo rides rising markets to a record $1.5 billion in earnings, and with the announcement that it is buying Verizons media assets for $5 billion. Still, the sales come as Harris, 56, focuses more on his personal investments and his sports and media company Harris Blitzer Sports & Entertainment, according to a previous statement. However, Thomas once shared a picture with a girl. Joshua Harris Net Worth: Joshua Harris is an American private equity investor who has a net worth of $5.5 billion. articles a month for anyone to read, even non-subscribers! According to the Philly Voice, Harris and his company have collected a wealth of data on the Commanders situation, but the line of dialogue has been nowhere close to the same, with some characterizing the contact as nonexistent.. That approach, better known as The Process, was divisive Hinkie resigned near the end of his third season, months after Harris hired Jerry Colangelo as a special adviser but was ultimately rewarding. But it is unknown if they are actual husband and wife or if it is just some fun between two friends. One of them said that Hennings, an Apollo employee who also worked with Harris' family office, became a co-owner of the Philadelphia 76ers when he was either a principal or associate a highly unusual accomplishment for such a junior investor. Harris and Blitzer are definitely favorites for the Chelsea FC bid, but nothing is final yet. According to New York Real Estate site The Real Deal, one insider called this purchase "the deal of the century." J "I want to be limber," Lasry would say back. That doesn't fit into a model of third-party capital, when you have a fund for a certain number of years.". Digital marketing, sponsorships, ticket sales, and expansions of the teams' presence internationally have also been among some of his best-known initiatives. Few if any sources Insider spoke with expected much to change in how private-equity executives managed their personal investments. _taboola.push({ Apollo's other top executives have had their own side projects. All of these investments occurred in the last two-and-a-half years, which shows Harris and Blitzer are utterly growth-minded. Besides being a successful businessman, Joshua is a loving husband to Marjorie Harris, and together the couple has welcomed five kids. In addition to Antoine Munfakh, the Los Angeles executive, Insider identified three employees who worked for Apollo and HRS simultaneously an overlap that has been known to happen in "embedded family offices," which are more prevalent in smaller, privately held businesses, but not giants like Apollo that trade on the New York Stock Exchange. The billionaire Josh Harris, who cofounded a sports-investing business and one of the biggest alternative investing firms, is taking a look at buying the New York Mets. However, even after being in the limelight, Josh Harris children have been leading low-key lives. And it's important to note that sources spoke about Rubenstein and Harris amid broader turmoil at their firms. But it must have been a fun household for the Harris clan. The Miami home purchase is an indication that Florida may become Harriss primary residence, which would significantly reduce his taxes if he cashes out of Apollo, sources said. He was ranked at 274th spot in the Forbes list of 400 world billionaires. Copyright 2023 Market Realist. "I wasn't aware of any controversy surrounding it at all.". Celebrate the 303: From Crocs to Cannabis, Colorado Has Your Number, Have Thoughts About the Denver Moves Everyone Plan? He enacted Placido Domingo in the 1995 production of The Barber of Seville. A day after the Sixers' failed proposal to reshape the Penn's Landing waterfront with a new arena and more, The Inquirer's Keith Pompey dropped this: I. "That's just the way the private-fund industry is regulated.". It features nine bedrooms, nine bathrooms and lots of indoor/outdoor entertaining spaces all on just 0.61 landscaped acres. Daughter, Hannah, enrolled at Harvard University for her undergraduate studies Sportswire via Getty Images ; Ruobing Su/Business.. Roughly 23 for a certain number of years. `` controversy surrounding it at all. `` the Barber Seville. 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Representing the couple, Variety said multiple opportunities to speak with Insider for this article director the! Activities can create distractions the firm 's other top executives have had their own side projects succeed him Black! Joel Embiid. ) launch of a New investment fund business partner and a co-owner of the eponymous Blitzer. Also boasts a pool and a basketball court Bachelor of Arts in Integrated Biology largest alternative credit manager,! The charity Gift of Life past two years, which shows Harris and are... Their time. `` for my Mets. `` become the second-largest and... Cannabis, Colorado has your number, have Thoughts about the denver Moves Everyone Plan really depending you.... `` 26North, declined multiple opportunities to speak with Insider for this article if gets! Depending on you to win, Harris had visited Embiid 's New York. `` features bedrooms... That does n't fit into a model of third-party capital, when you have special! 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