Wynnewood resident Jeffrey Lurie acquired the Philadelphia Eagles in 1994 for $185 million, writes Eric McConnell for Yahoo Finance.
“Thirty-one years later, the team – having won two Super Bowls – is now valued at 35 times that amount, representing an enormous return on investment for a former social policy professor at Boston University.
Lurie made the leap from academia to business in 1983, joining General Cinema Corporation, his grandfather’s successful movie theater chain. He later founded Chestnut Hill, a film and television production company that produced three award-winning documentaries.
His next ambition was owning an NFL team, though his first attempt in 1993 to purchase the New England Patriots for $172 million fell through. Turning his attention to the Eagles – a franchise that lacked glamour at the time – Lurie found a motivated seller. With a mix of stock, financing, and his family trust, he managed to acquire the team.
At the time, the Eagles played in Veterans Stadium, and Lurie recognized that his franchise would struggle to thrive in such an outdated facility. He invested his own capital and secured $200 million in public funds to build Lincoln Financial Field.
Though it took time for his investment to pay off, today Lurie’s net worth is estimated at $5.3 billion.
Read more about Wynnewood’s Jeffrey Lurie in in Yahoo Finance.
