Ratio Capital

David Blitzer is the sole founder and principal investor. He makes allocation decisions personally, drawing on the direct investment approach he developed at Blackstone's tactical opportunities group. There is no disclosed investment committee or external advisory board beyond his co-investor relationships, notably with brother-in-law Josh Harris.

Harris Blitzer Sports & Entertainment (HBSE) is the operating company that holds the Philadelphia 76ers, New Jersey Devils, and related arena assets. Blitzer co-founded HBSE with Josh Harris, Apollo Global Management's co-founder, in a joint holding structure. Ratio Capital serves as Blitzer's personal investment vehicle that feeds into his share of those sports assets, along with his separate real estate and credit positions.

Ratio operates almost entirely through direct deals and control positions, reflecting Blitzer's Blackstone background in principal investing. Unlike many family offices that layer external fund commitments, Ratio allocates capital directly to sports franchises, real estate acquisitions, and opportunistic credit situations without intermediation.

Confirmed holdings include co-ownership of the NBA's Philadelphia 76ers, the NHL's New Jersey Devils, a minority stake in MLB's Cleveland Guardians, and a stake in Crystal Palace FC of the English Premier League. He previously held a share of Real Madrid's economic rights during Carlo Ancelotti's tenure (per public record). The 76ers and Devils are held through Harris Blitzer Sports & Entertainment.

Blitzer spent 22 years at Blackstone, ultimately serving as Global Head of the Tactical Opportunities Group and sitting on the firm's management committee. His personal capital base derives from carried interest and co-investment gains accumulated during that tenure, during which he structured some of Blackstone's most notable European buyouts.

Blitzer has selectively partnered with institutional co-investors on large real estate transactions and sports franchise acquisitions. His most prominent partnership is with Josh Harris in HBSE. On the real estate side, he has invested alongside other Blackstone alumni and European real estate operators in Spanish apartment portfolios and US retail properties (per public record).

Yes, the Harris Family Charitable Foundation serves as the family's primary philanthropic vehicle. Additionally, HBSE's community arm operates youth sports programming tied to the firm's franchise markets. The exact governance separation between Ratio's investment activities and charitable disbursements is not publicly detailed.