A new era for the New Jersey Devils began late Thursday morning with the announcement that the team has been sold to billionaire Josh Harris and co-owner David Blitzer. The sale has been approved by the National Hockey League.

Harris a co-founder of Apollo Global Management one of the largest private equity firms in the world was introduced Thursday at a press conference at the Prudential Center the operating rights for which are included in the sale. Harris also owns the Philadelphia 76ers of the National Basketball Association.

Scott O'Neil CEO of the 76ers will also be CEO of the Devils organization overseeing Devils business operations and Devils Arena Entertainment which includes the Prudential Center.

The announcement and the approval of the sale by the NHL ends the nine-year ownership of Jeff Vanderbeek a period marked by several achievements none more significant than the club’s move from the Meadowlands to Newark. The switch lent cachet to the team as well as to the city’s downtown. Vanderbeek will remain with the organization as a senior adviser.