Professor Turned Team Owner

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Jeffrey Lurie was born in Boston, Massachusetts on September 8, 1951. He had an academic inclination.  Jeffrey took up college at Clark University earning a B.A. At Boston University he obtained a Master’s degree in psychology. Then at Brandeis University he finished his PhD degree in social policy.  Jeffrey was an adjunct professor of social policy at Boston University.

He then left the academe and entered the world of business joining General Cinema Corporation. This was a major film company that was established by his grandfather, Philip Smith, the father of his mother. He served as an executive of the company.

Jeffrey then forayed into the world of movie production and established Chestnut Hill Productions in 1985. It was good that Jeffrey was born into considerable wealth since he didn’t fare too well as a movie and TV producer and was more known for producing “bombs” than hits.  Persistence has paid off, the documentary film he and his wife produced about the 208 global financial crisis, “Inside Job”, won an Academy Award in 2011.

From the academe to film production the biggest success story of Jeffrey’s life in financial term must be his decision to purchase the Philadelphia Eagles football team in 1994 for what was then a record $195 million. Jeffrey along with his mother loaned a reported $190 million from the Bank of Boston to purchase the Eagles.

To back up the loan Jeffrey put up millions of dollars’ worth of personal stocks in family controlled companies as equity capital. Aside from that Jeffrey and his mother pledged their stock in the family trust as collateral so the he could borrow the rest. The amount needed to execute the purchase was certainly not just spare money for Jeffrey. There were risks involving the family wealth.

It all seems to have paid off. Now the football team is valued at around$1.1 billion.

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