So far as I can recall, the original Philharmonia Orchestra was founded
some time in the 40's by one Walter Legg.  When Mr Legg, who apparently
financed the orchestra out of his own pocket, decided to retire and close
it down, many of the players got together to form their own self-governing
orchestra and, with Mr Legg's permission, they named it the New
philharmonia Orchestra.  No doubt in the course of time the prefix, "New"
was dropped as being superfluous.  Incidentally, the London Symphony
Orchestra has also been a self- governing concern for many years.

John.