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Canadian billionaire Steve Apostolopoulos bidding for Washington Commanders

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Washington Commanders guard Wes Schweitzer works out before a preseason NFL football game, on Aug. 27, 2022, in Baltimore. If Apostolopoulos wins the auction for the Commanders, sources say he plans to build a new stadium near Washington and redevelop FedEx Field and the team’s practice facility in Virginia, potentially making US$1-billion on the real estate.Julio Cortez

In 2009, Toronto real-estate developer Andreas Apostolopoulos shocked the U.S. sports community by purchasing an 80,000-seat football stadium in the Detroit suburbs for the rock-bottom price of just US$583,000.

A generation later, son Steve Apostolopoulos is shaking up pro sports with an audacious move at the other end of the spectrum. Where his late father snagged a bargain, his Harvard University-educated offspring will potentially set a new high-water mark for the value of a professional franchise, as one of two bidders offering more than US$6-billion for the National Football League’s Washington Commanders.

In vying for an NFL team, the formerly low-profile Apostolopoulos is striving for membership in the most exclusive of clubs, as an owner of a pro sports franchise. If he buys the Commanders, the son of a Greek immigrant will be rubbing shoulders with heirs to the Walmart fortune, who acquired the Denver Broncos last summer for a record US$4.65-billion, and hedge fund billionaire David Tepper, who acquired the Carolina Panthers in 2018 for a then-record US$2.2-billion.

To buy the Commanders, Apostolopoulos will need to outbid a group led by Josh Harris, co-founder of Apollo Global Management, one of the world’s largest alternative asset funds. Harris already owns the National Basketball Association’s Philadelphia 76ers and a stake in the National Hockey League’s New Jersey Devils and is worth an estimated US$7-billion.

Over the past 18 months, Apostolopoulos has built a relationship with NBA player agent Bernie Lee, president of Thread Sports Management LTD. In an interview, Lee said the real-estate executive has done the work needed to succeed as a team owner.

“Steve has immersed himself in the inner workings of pro sports, from understanding players and team management to the big-picture issues around the league,” said Lee, who represents basketball stars Jimmy Butler and Ben Simmons. “Steve’s business and people skills are comparable to, or exceed, those of any sports owner I’ve meet.”

Prior to turning his attention to the NFL, Apostolopoulos was one of several bidders on a stake owner Michael Jordan is selling in the NBA’s Charlotte Hornets.

Apostolopoulos’s wealth comes from commercial and industrial real estate that he owns with his two older brothers, Jim and Peter, through a private company called the Triple Properties. The portfolio includes office towers in Detroit, movie studios and a 40-acre complex near Toronto anchored by the Pickering Casino Resort. Apostolopoulos did not respond Wednesday to an interview request.

TriBro Studios, the family’s collection of sound stages in the Toronto area, count Disney, Bell Media and Netflix as clients. The studios include an industrial site, ‘The Pit,’ that can be flooded and serves as a backdrop for science fiction, horror and action shoots.

In Pickering, Triple used a casino run by Great Canadian Entertainment as the anchor for a larger development featuring a hotel, restaurants and a concert venue that will play host to singer Bryan Adams in April. Apostolopoulos, along with potential lenders that include Royal Bank of Canada, see a similar real-estate play in Washington’s football team, which current owner Daniel Snyder acquired in 1999 for US$800-million, according to two sources familiar with the potential buyer’s plans.

Washington’s current stadium, FedEx Field, opened in 1997 and is considered dated. Snyder owns the property and has proposed moving to a new site within the city, or in nearby Maryland or Virginia. Redevelopment plans were put on hold after the NFL fined Snyder US$10-million in 2021 following an investigation into sexual harassment and other workplace issues at the Commanders. Last November, Snyder announced he would sell all or part of the team.

If he wins the auction, Apostolopoulos plans to build a new stadium near Washington and redevelop FedEx Field and the team’s practice facility in Virginia, potentially making US$1-billion on the real estate, according to sources. They said the Commanders consistently turn a profit on television revenues, and are expected to increase revenues from ticket and merchandise sales if a new owner can restore fan interest in a former marquee franchise that has won three Super Bowls.

The Commanders – rebranded in 2022 after Snyder yielded to years of protests over the name Redskins – had the lowest home attendance in the NFL last year, selling 85 per cent of seats. No other team sold less than 92 per cent of tickets to home games.

Along with real estate, Apostolopoulos runs a private equity fund, Six Ventures Inc. One of the fund’s investments is credit card and expense management company Caary Capital, which services small to medium-sized businesses. As part of Caary’s launch, Apostolopoulos offered advice to entrepreneurs.

“You will get 1,000 defeats in business. Every time you get defeated, it will make you stronger. Stay with it. Keep rolling. Don’t give up,” he said. “Oh, and don’t do bad deals.”

In Pontiac, Mich., Apostolopoulos’s father acquired the former home of the NFL’s Detroit Lions – the Silverdome – by making a lowball offer in an auction for the city-owned stadium after the football team moved downtown. The new owner paid less than 2 per cent of the building’s US$55-million construction cost in 1975.

The Apostolopoulos family revived the abandoned facility by booking boxing, monster truck shows and concerts. However, the Silverdome’s roof partly collapsed in 2013 after a snowfall, and the building was torn down in 2017. Triple enticed Amazon into opening a warehouse on the site in 2021, the same year Andreas Apostolopoulos passed away at the age of 69.

Heirs to Canadian real-estate fortunes are also among the leading contenders to acquire the NHL’s Ottawa Senators, which went up for sale last November following the death of owner Eugene Melnyk.

The Toronto-based Kimel family, who run developer Harlo Capital, Vaughan-based Remington Group president Christopher Bratty and Ottawa-based Roger Greenberg, executive chair of Minto Group, have all shown interest in the Senators. The club could fetch more than US$900-million, the highest price paid for an NHL team, with the new owner expected to attempt to increase the club’s revenues by moving from the suburbs to a new, downtown arena.

 

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NHL roundup: Hurricanes beat Flyers 6-4 for seventh straight win

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RALEIGH, N.C. (AP) — Martin Necas scored a go-ahead goal with 29 seconds left and the Carolina Hurricanes beat the Philadelphia Flyers 6-4 on Tuesday night.

It was the seventh straight win for the Hurricanes, who also got goals from Jack Roslovic, Jordan Martinook, Eric Robinson and Jackson Blake. Seth Jarvis added an empty-net goal in the final seconds.

Necas typically saves his game-winners for overtime, with nine in his career, but he was able to take care of business in regulation with his team-best seventh goal of the season.

Travis Konecny scored two goals and had two assists for the Flyers. Morgan Frost and Owen Tippett also scored for Philadelphia.

Aleksei Kolosov made 28 saves for the Flyers, who trailed 2-1, 3-1 and 4-3 but kept coming back. Carolina’s Pyotr Kochetkov struggled in net allowing four goals on just 16 shots.

Elsewhere in the NHL on Tuesday:

SABRES 5 SENATORS 1

BUFFALO, N.Y. (AP) — Bowen Byram and Tage Thompson scored 16 seconds apart to open the third period, and Buffalo snapped a three-game skid with a win over Ottawa.

Byram scored twice, JJ Peterka had two goals and an assist and Ukko-Pekka Luukkonen made 37 saves.

Ridly Greig converted his own rebound in cutting Buffalo’s lead to 2-1 with 7:31 left in the second period. Linus Ullmark made 29 saves in dropping to 1-4 in his past five starts.

Buffalo went up 3-1 on Byram’s second goal 21 seconds into the third period. The defenceman’s shot from inside the blue line sneaked through Ullmark, with the puck rolling down the goalie’s pad, dropping into the crease and trickling across the line. Thompson scored when he crashed the net, was knocked over by defender Jake Sanderson and was lying in the crease when Alex Tuch’s shot went in off his shoulder.

MAPLE LEAFS 4 BRUINS 0

TORONTO (AP) — Anthony Stolarz made 29 saves for his first shutout of the season in Toronto’s 4-0 victory over Boston.

Morgan Rielly had a goal and two assists as Toronto connected three times on the power play. William Nylander and Matthew Knies added a goal and an assist each. Mitch Marner had two assists of his own. Steven Lorentz rounded out the scoring into the empty net.

The Leafs played without captain Auston Matthews, who is listed as day-to-day with an upper-body injury.

Jeremy Swayman made 23 stops for Boston, which was coming off consecutive weekend shutouts of the Philadelphia Flyers and Seattle Kraken.

Toronto’s porous 31st-ranked power play scored for the second time in as many games at 8:44 of the second period when Rielly fired through a screen. Nylander banked in his team-leading 10th goal of the season on another man advantage 1:14 later for a 2-0 lead.

The Bruins entered the game 8-0-0 in the regular season against their Atlantic Division rival dating back to Jan. 14, 2023.

FLAMES 3 CANADIENS 2 (OT)

MONTREAL (AP) — Matt Coronato scored twice as Calgary came back to defeat Montreal in overtime.

Coronato tied the game with 2:46 remaining in regulation when he cruised into the slot and went off the post and in. He then buried the winning goal seven seconds into the extra period.

Connor Zary also scored for Calgary, which won its second game in seven outings. Dustin Wolf stopped 21 shots.

Joel Armia — with a short-handed goal — and Brendan Gallagher scored for Montreal (4-7-2). Armia also provided an assist, while Sam Montembeault made 32 saves as the Canadiens’ losing streak extended to four games.

Zary opened the scoring with his third 4:20 into the second period when he pounced on a loose puck in the slot and fired a shot past Montembeault.

Gallagher then slipped the puck between Wolf’s pads at 16:23 to level the score with his fifth of the season.

BLUES 3 LIGHTNING 2

ST. LOUIS (AP) — Jordan Kyrou, Alexey Toropchenko and Oskar Sundqvist scored to help St. Louis beat Tampa Bay 3-2.

Blues goaltender Jordan Binnington made 21 saves for his 149th career win moving him past Jake Allen for second place in franchise history, just two wins behind Mike Liut’s 151.

Nick Perbix and Victor Hedman scored, and Andrei Vasilevskiy made 20 saves for the Lightning who have lost three straight games.

Kyrou scored his fourth goal of the season 8:51 into the third period to give St. Louis a 3-1 lead.

Toropchenko scored his first goal of the season with 1:35 remaining in the second period to put St. Louis ahead 2-1 after Sundqvist tied the game with his first of the season 7:47 into the period.

ISLANDERS 4 PENGUINS 3 (SO)

NEW YORK (AP) — Bo Horvat scored the only goal in a shootout and New York rallied past Pittsburgh 4-3.

New York goalie Ilya Sorokin denied Rickard Rakell, Sidney Crosby and Kris Letang in the shootout and finished with 32 saves. Kyle Palmieri had a goal and an assist for the Islanders, who trailed 3-1 midway through the third period.

Simon Holmstrom and Jean-Gabriel Pageau scored in the third for New York. Horvat had two assists.

Evgeni Malkin had a goal and an assist to lead Pittsburgh. Crosby got his 598th career goal, and Michael Bunting also scored. Rakell added two assists.

Alex Nedeljkovich stopped 23 shots for the Penguins, who have lost seven of nine. They won their previous two following a six-game skid.

KINGS 5 WILD 1

ST. PAUL, Minn. (AP) — Trevor Lewis scored twice, Kevin Fiala added another on the power play and Los Angeles beat Minnesota 5-1.

Warren Foegele and Quinton Byfield also scored for Los Angeles, which was playing the second night of a back-to-back after a 3-0 win in Nashville a night earlier. David Rittich made 23 saves for the Kings.

Fiala, who was traded to Los Angeles in 2022 by Minnesota for a first-round pick draft pick and defenceman Brock Faber, scored his seventh goal of the season. He now has three goals and six assists in his last seven games against the Wild.

Minnesota, which had won three in a row, opened the scoring in the second period on Zach Bogosian’s first goal of the season. Goaltender Filip Gustavsson stopped 23 shots for the Wild.

JETS 3 UTAH 0

WINNIPEG, Man. (AP) — Nino Niederreiter scored twice in his 900th NHL career game and Connor Hellebuyck made 21 saves to help Winnipeg defeat Utah 3-0.

It was Hellebuyck’s second shutout of the season and 39th of this career.

Gabriel Vilardi also scored for the Jets. Adam Lowry assisted on both goals by Niederreiter.

Utah ended a run of picking up points in three consecutive games (1-0-2).

Karel Vejmelka stopped 25 shots for Utah in its second stop on a four-game road trip.

Jets winger Kyle Connor had his franchise-record, season-opening points streak end at 12 games.

AVALANCHE 6 KRAKEN 3

DENVER (AP) — Arturri Lehkonen scored the go-ahead goal on a power play in his season debut and Nathan MacKinnon had five assists as Colorado beat Seattle 6-3.

Mikko Rantanen added two goals for the Avalanche, who snapped a three-game losing streak. Ivan Ivan, Nikolai Kovalenko and Chris Wagner also scored for Colorado.

Cale Makar had two assists but the star defenceman barely played in the second half of the game and appeared to be slowed by an apparent injury during a brief shift.

MacKinnon and Makar extended their season-opening point streaks to 13 games.

Lehkonen played for the first time since off-season shoulder surgery.

Jared McCann, Jaden Schwartz and Brandon Montour scored for the Kraken.

CANUCKS 5 DUCKS 1

ANAHEIM, Calif. (AP) — Brock Boeser, Danton Heinen and Kiefer Sherwood had a goal and an assist apiece, and Quinn Hughes recorded his 300th career assist in Vancouver’s victory over Anaheim.

Jake DeBrusk and Elias Pettersson also scored and Hughes had three assists for the Canucks, who have won six of eight. Kevin Lankinen made 21 saves in Vancouver’s sixth consecutive win over the Ducks.

Olen Zellweger scored a power-play goal early in the first period for Anaheim, which has lost seven of nine. Lukas Dostal stopped 31 shots.

Canucks goalie Thatcher Demko took shots from teammates again after the morning skate, and he could return to practice this week. The Southern California native and 2023-24 Vezina Trophy finalist hasn’t played this season due to a knee injury incurred late last season.

SHARKS 2 BLUE JACKETS 1 (OT)

SAN JOSE, Calif. (AP) — Alex Wennberg scored 3:11 into overtime and San Jose celebrated the return of No. 1 overall draft pick Macklin Celebrini with a win over Columbus.

Defenceman Jack Thompson scored his first career goal for the Sharks (4-8-2), who entered the night with the worst record in the NHL. San Jose has won four of five.

Celebrini, the top pick in the 2024 NHL draft, missed 12 games with a hip injury he sustained in the season opener Oct. 10 — an injury first incurred during the pre-season. Celebrini didn’t score and missed a shot early in overtime.

San Jose goalie Vitek Vanacek was fantastic in net, making 49 saves.

Blue Jackets right wing Kirill Marchenko scored for the second consecutive game. Columbus (5-6-1) has lost three straight.

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Canada’s Dabrowski and New Zealand’s Routliffe pick up second win at WTA Finals

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RIYADH, Saudi Arabia – Canada’s Gabriela Dabrowski and New Zealand’s Erin Routliffe remain undefeated in women’s doubles at the WTA Finals.

The 2023 U.S. Open champions, seeded second at the event, secured a 1-6, 7-6 (1), (11-9) super-tiebreak win over fourth-seeded Italians Sara Errani and Jasmine Paolini in round-robin play on Tuesday.

The season-ending tournament features the WTA Tour’s top eight women’s doubles teams.

Dabrowski and Routliffe lost the first set in 22 minutes but levelled the match by breaking Errani’s serve three times in the second, including at 6-5. They clinched victory with Routliffe saving a match point on her serve and Dabrowski ending Errani’s final serve-and-volley attempt.

Dabrowski and Routliffe will next face fifth-seeded Americans Caroline Dolehide and Desirae Krawczyk on Thursday, where a win would secure a spot in the semifinals.

The final is scheduled for Saturday.

This report by The Canadian Press was first published on Nov. 5, 2024.

The Canadian Press. All rights reserved.

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Allen nets shutout as Devils burn Oilers 3-0

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EDMONTON – Jake Allen made 31 saves for his second shutout of the season and 26th of his career as the New Jersey Devils closed out their Western Canadian road trip with a 3-0 victory over the Edmonton Oilers on Monday.

Jesper Bratt had a goal and an assist and Stefan Noesen and Timo Meier also scored for the Devils (8-5-2) who have won three of their last four on the heels on a four-game losing skid.

The Oilers (6-6-1) had their modest two-game winning streak snapped.

Calvin Pickard made 13 stops between the pipes for Edmonton.

TAKEAWAYS

Devils: In addition to his goal, Bratt picked up his 12th assist of the young season to give him nine points in his last eight games and now 15 points overall. Nico Hischier remains in the team lead, picking up an assist of his own to give him 16 points for the campaign. He has a point in all but four games this season.

Oilers: Forward Leon Draisaitl was held pointless after recording six points in his previous two games and nine points in his previous four. Draisaitl usually has strong showings against the Devils, coming into the contest with an eight-game point streak against New Jersey and 11 goals in 17 games.

KEY MOMENT

New Jersey took a 2-0 lead on the power play with 3:26 remaining in the second period as Hischier made a nice feed into the slot to Bratt, who wired his third of the season past Pickard.

KEY RETURN?

Oilers star forward and captain Connor McDavid took part in the optional morning skate for the Oilers, leading to hopes that he may be back sooner rather than later. McDavid has been expected to be out for two to three weeks with an ankle injury suffered during the first shift of last Monday’s loss in Columbus.

OILERS DEAL FOR D-MAN

The Oilers have acquired defenceman Ronnie Attard from the Philadelphia Flyers in exchange for defenceman Ben Gleason.

The 6-foot-3 Attard has spent the past three season in the Flyers organization seeing action in 29 career games. The 25-year-old right-shot defender and Western Michigan University grad was originally selected by Philadelphia in the third round of the 2019 NHL Entry Draft. Attard will report to the Oilers’ AHL affiliate in Bakersfield.

UP NEXT

Devils: Host the Montreal Canadiens on Thursday.

Oilers: Host the Vegas Golden Knights on Wednesday.

This report by The Canadian Press was first published Nov. 4, 2024.

The Canadian Press. All rights reserved.

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