Weber spent nine years at the organization, first as president of both the Devils and the arena, and for the last three years as group-wide president. The news comes four days after the 76ers’ season ended in Eastern Conference semifinals.
Weber, 56, will leave the post this summer, according to a statement. He didn’t give a specific reason for the decision, but said he was looking forward to his next role.
“I am honored and humbled that Josh Harris and David Blitzer entrusted me to help build and lead their sports and entertainment business nine years ago,” Weber said in the statement. “Playing a role in the growth of our teams, venues, community partners and most importantly, the people, who comprise HBSE, has brought me great pride. HBSE is in the hands of some of the industry’s best and brightest, and it’s time for me to transition on to my next challenge.”
In his time at HBSE, Weber helped drive revenue growth and value appreciation for both the 76ers and Devils. Harris and Blitzer bough the 76ers in 2011 for about $287 million and the team is now worth $2.67 billion, according to Sportico’s valuations. Two years later the duo bought the Devils for about $320 million, and the team is now worth $750 million.
The two teams’ performance in the standings has been mixed. Following a rebuild in both the front office and the locker room, the 76ers have made the playoffs in each of the last five seasons, winning at least a series in four of those years. The Devils have a made the playoffs just once since losing in the Stanley Cup finals in 2012.
“The entire organization is indebted to Hugh for his tremendous influence across all facets of our business,” HBSE co-Founder David Blitzer said in a statement. “His forward-thinking vision, astute judgment, engaging personality and track record in building and developing incredible leaders has left an indelible mark on our employees, partners, fans and community. We thank him for that leadership, and offer our full support on his next professional endeavor.”
Weber also helped HBSE act as a first-mover in many new business opportunities. The 76ers were the first NBA team to sign a jersey patch deal, and the Devils were the first NHL team to announce a helmet decal. After New Jersey became one of the first new states to legalize sports betting, Weber and the Devils signed a handful of deals that eventually became a model for other franchises in other jurisdictions. Additionally, he oversaw the construction of the 76ers practice facility.
Prior to joining HBSE, Weber was president of the NBA’s New Orleans Hornets.
(This story has been updated with a statement from HBSE co-founder David Blitzer in the seventh paragraph.)