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Net Net: Promoting innovation and managing change

Blackstone exec: 76ers not moving to New Jersey

Philadelphia 76ers co-owner David Blitzer (far left), Allen Iverson and 76ers co-owner Joshua Harris in 2012.
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Ignore the rumors—the Philadelphia 76ers aren't moving to New Jersey.

Team co-owner David Blitzer said at a conference Friday that there was "zero" chance he would move the basketball franchise, despite a recent report of the potential for uprooting the team.

Blitzer, a senior managing director at the $265 billion private equity firm Blackstone Group, co-owns the 76ers with $161 billion Apollo Global Management co-founder Joshua Harris.

The pair also bought the New Jersey Devils hockey team in August, fueling rumors that they might move the 76ers to Newark in order to use the same Prudential Center arena. Scott O'Neil is also CEO of both teams.

Harris has previously denied the possibility of a move.

Blitzer was also asked what the "best crazy idea that came your way and you had no belief in it and it turned out to be successful."

"Buy a sports team," Blitzer said to laughs at the Columbia Business School Private Equity and Venture Capital Conference in Manhattan.

Both Blitzer and Harris were at the 76ers game March 1 to retire the number of former star Allen Iverson during a halftime ceremony. They presented him with a boat.

(Read more: The big money behind the Cardinals, Red Sox)

The hedge fund money behind baseball

Separately, Blitzer said Europe was the macroeconomic risk that concerns him the most.

He said that nonperforming residential mortgages, which are typically in or close to default, is one area of continuing opportunity. Blackstone has been buying them for two years, he added.

Blitzer heads Blackstone's tactical opportunities unit, which launched in early 2012 and has been raising lots of cash. The division invests in illiquid or longer-term assets that fall outside the firm's other fund strategies. It brought in $3.4 billion in 2013, bringing total commitments to $5.1 billion, according to an annual report released Feb. 28.

(Read more: US 'OK,' but Europe is where action is, says Apollo's Black)

—By CNBC's Lawrence Delevingne. Follow him on Twitter @ldelevingne.