OPINION:
A big book is coming out Tuesday. It’s about the rise of Apollo Global Management and its controversial billionaire cofounder, Leon Black: “The Unvarnished Truth About Leon Black, Apollo and the Rise of a New Wall Street” by New York Times bestselling author William D. Cohan.
“On March 22, 2021, Leon Black, the brilliant and fearsome billionaire founder of investment firm Apollo Global Management, resigned,” the press release from publisher Penguin Random House says. “For more than three decades, Apollo had epitomized the new Wall Street, pioneering both private equity and private credit by delivering staggering returns through aggressive takeovers and astute, contrarian bets.
“But its most powerful figure would eventually be undone by his own poor judgment, including a friendship with the disgraced pedophile Jeffrey Epstein and an affair with a Russian woman intent on a shakedown.”
Black has been in the news of late, in a battle with the House Oversight and Government Reform Committee, which subpoenaed him to appear before the committee as part of its investigation into Epstein. Black had testified before the committee in June that he had no knowledge of Epstein’s crimes.
The book may be about Black, but there’s a considerable amount about Washington Commanders owner Josh Harris — Black’s former business partner and also a cofounder of Apollo — in this book. There are two chapters, one simply titled “Josh” and another called “Josh Ascendent.”
There is a lot about the corporate infighting at Apollo and Harris’ role in it — according to the book, Black believed that Harris, who left his day-to-day role with the firm in 2022, conspired against him to make himself the CEO of Apollo. But there are also many references to his sports ownership, including the $6.1 billion purchase of the Commanders in July 2023.
The author wrote that Harris, shortly after buying the team, told him, “I’ve had a blessed life. When I look back on this, I’m like, ’Wow, like I can’t believe some of the things that have happened to me.’ And now to be able to own my hometown team.
“I joke that I’m the only private equity guy in history that the fans are chanting, ’We love you, Josh.’ So there must be a God.”
That love may be tested after a disappointing 5-12 record last season, although you might think the horrific memory of Dan Snyder’s ownership should grant Harris some immunity.
There are personal observations in the book about Harris that would be of interest to Commanders fans. They paint a portrait of a brilliant, driven man, who, according to his friends, has a good heart.
In case you needed to be reminded, Josh Harris is not Dan Snyder.
The author wrote that Michael Rubin, CEO of Fanatics who was once partners with Harris in his sports management company, Harris Blitzer, told him he was a big fan of Josh’s even though he could come across as “awkward” at times. He had a high IQ and huge heart.
“I think he’s a really good guy,” Rubin said. “I was probably the most hands-on minority partner in the history of minority partners. They needed me for the player stuff, and my relationship with Josh … it didn’t mean we didn’t have fights and battles, but I know him as well as I know anybody. And I’ll tell you I think he’s a real high-quality guy. I think he cares a lot. I think he’s a good person. I was honored to be partners with him.”
These are common themes about Harris in the book.
The author wrote one of Harris’ “extremely wealthy friends” also told him that communication is not the Washington Commanders owner’s strength. “As high as he could be on an IQ basis, he can be low on the EQ sometimes,” the friend said. “I know him as well as I know anybody and I’ll tell you I think he’s a really high-quality guy. I think he cares a lot. I think he’s a good person … Josh knows he doesn’t have a good EQ. He’s not PR smart. Josh is a really good deal maker, a really smart business guy. He doesn’t know how to publicly speak. He doesn’t know how to talk to a normal person. It’s just not a strength.”
I’ve had others who expressed this to me after a Harris press conference, but I think he’s handled himself fine in those sessions.
Anthony Civale, Apollo’s former COO, told the author Harris has a “work ethic” and a “detail orientation” that “is unmatched.” The author wrote, “others of course told me that these were also among Josh’s biggest faults.”
“His skill set was detail oriented — probing thoughtfulness, looking at every problem from every which way, and therefore making the best decision,” Civale said.
Scott Kleinman, co-president of Apollo, said he learned from Harris the importance of tenacity. “He could make deals happen that you would say there’s no way this is going to happen,” he told the author. “He would just stay at it and stay at it and stay at it and drive outcomes.”
Tenacity is right out of the Harris playbook. He shared with the author his philosophy of life: “You don’t have to be the tallest. You don’t have to be the smartest. Obviously, you have to be intelligent, but you can make up for it with tenacity and hard work and determination.”
• You can hear Thom Loverro on “The Kevin Sheehan Show” podcast.
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