Harold Katz, former Sixers owner and founder of Nutrisystem, dead at 87
Katz is perhaps best known for bringing the Sixers to their last NBA championship win for the 1982-83 season
CHICAGO — Harold Katz, a former owner of the 76ers and successful entrepreneur, died on Friday. He was 87.
Mr. Katz is perhaps best known for bringing the Sixers their most recent NBA championship in the 1982-83 season. He owned the team for almost 15 years, running the franchise from 1981 to 1996, when he sold the team to Comcast Spectacor.
Katz and the Sixers drew criticism during his tenure for trading Hall of Famer Moses Malone, Terry Catledge, and two first-round picks (in 1986 and 1988) to the Washington Bullets for Cliff Robinson and Jeff Ruland on June 16, 1986. The Sixers also traded the first overall pick in the 1986 draft to the Cleveland Cavaliers for Roy Hinson. The Cavs used the pick to select Ohio Basketball Hall of Famer Brad Daugherty, the headliner of the draft.
But during his heyday, Mr. Katz was one of the area’s most recognizable figures.
In 1972, he invested $20,000 to open the first Nutrisystem center, in Willow Grove. Shortly after, he opened a second center, and went on to create the Nutrisystem franchise. By the time he sold it in 1986, the business had grown to become the nation’s largest medically supervised weight control company.
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Mr. Katz was also the founder of H. Katz Capital Group, a private equity firm. In addition, he served on the boards of directors of United Valley Bank, the Hero Scholarship Fund of Philadelphia, and the Police Athletic League, among other organizations. He was also chairman of the Fellowship Commission of Philadelphia and Children’s Hospital of Philadelphia.