David Adelman On His Success, And The Passion Of Philly Sports Fans l Out Of Office
Aug 9, 2023
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David Adelman, Philly native and 76ers Co-Owner, talks about his early entrepreneurship, investing with bat mitzvah money, and why he considers himself 'unemployable.' They also discuss the thriving sports ecosystem in Philadelphia and the challenges of being a sports owner.
David Adelman started his entrepreneurial journey at a young age, learning about real estate after making a bet and losing valuable possessions to a family friend.
His passion for sports led him to acquire a stake in the Philadelphia 76ers, combining his business mindset with his love for Philly sports.
David Adelman's vision for Campus Apartments extends beyond Philadelphia, aiming to turn it into a nationally recognized brand while prioritizing customer service and treating people well.
Deep dives
Early Entrepreneurial Spirit and Mentorship
David A shares the story of his early entrepreneurial spirit and mentorship from a family friend, Alan Horowitz. At the age of 10, David made a bet with Alan and lost valuable possessions. In response, he had to work for Alan and learned about real estate. At 13, David invested his bar mitzvah money in a real estate property, which marked the beginning of his real estate career.
Passion for Sports and Investment in the Sixers
David A discusses his passion for sports and the opportunity to acquire a stake in the Philadelphia 76ers. He highlights the long-standing friendship with Michael Rubin and their shared entrepreneurial mindset. Buying the stake in Harris Blitzer Sports Entertainment, the parent company of the Sixers, presented a unique opportunity to combine business and sports passion in his hometown. David expresses his commitment to the team and the challenges of being a sports owner.
Campus Apartments and Building a Brand
David A reflects on his real estate business, Campus Apartments, and the process of building a nationally recognized brand. He shares his vision to expand the business beyond Philadelphia, turning it into a national enterprise. David emphasizes the value of the brand, customer service, and the promise to three key constituents: students, parents, and colleges/universities. He also addresses the fragmented nature of the student housing market and the importance of treating people well.
Challenges and Vision for a New Arena
David A discusses the challenges and vision behind his plan to build a privately-funded arena in downtown Philadelphia. He acknowledges the resistance to change and navigates the political landscape surrounding the project. David outlines the community benefits and engagement initiatives to create a positive impact on neighboring communities. Furthermore, he highlights the need for infrastructure improvement and the potential for revitalizing a dead zone in the city.
Partnership with Josh Harris and David Blitzer
David A shares his perspectives on his business partners, Josh Harris and David Blitzer. He highlights their private equity backgrounds and their ability to think quickly and make informed decisions. David admires their passion, intelligence, and shared focus on winning. He also discusses their joint efforts in building a global sports and entertainment business, which includes not only the Sixers but also the New Jersey Devils, Joe Gibbs Racing, and Crystal Palace.
Philly native and 76ers Co-Owner David Adelman sits with Rich Kleiman to discuss how he first entered the world of entrepreneurship at a young age, how he made his first investment with bat mitzvah money and why he considers himself "unemployable." The two also touch on his part in the thriving sports ecosystem in Philadelphia and which parts of being a sports owner are the toughest.
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