Friday, October 14, 2011

Sixers sale approved by NBA

The sale of the 76ers to a group headed by billionaire Joshua Harris has been approved by the NBA Board of Governors, according to The Philadelphia Daily News.

The organization is expected to hold a press conference sometime next week.

Harris, the co-founder of Apollo Global Management, agreed to purchase the team from Comcast-Spectacor back in July. Financial terms of the deal were not disclosed, but Forbes previously reported that Comcast-Spectacor would sell the team for between $300-330 million, with the price likely to be closer to
$300 million.

Harris,  who  graduated  from  the University  of  Pennsylvania's  prestigious Wharton  School of Business, is joined in the new ownership group by David Blitzer,  a  senior managing director of  The Blackstone Group; and Jason Levien, a former NBA player agent and Sacramento Kings executive.

The  sale  does not include  the Wells Fargo  Center or the NHL's Philadelphia Flyers,  which are  also owned by Comcast-Spectacor. The Sixers will remain in the  Wells Fargo  Center and will have a long-term broadcast deal with Comcast SportsNet Philadelphia.

Comcast-Spectacor,  led  by chairman Ed  Snider, originally bought the Sixers from Harold Katz in 1996.

The  76ers have lost  their  last  four playoff  series  and  have just  one postseason  series victory  since Allen Iverson led the team to the NBA Finals in 2001.

In 2010-11, Doug  Collins guided  the Sixers to  a 41-41 record before losing to Miami in five games during the opening round of the playoffs.

No comments: