76ers being sold to investment group
NewsCore
Share This Story
Pending approval from the NBA, the Philadelphia 76ers have changed ownership for the fifth time in franchise history, with Comcast Spectacor on Wednesday announcing an agreement to sell the team to an investment group led by billionaire Joshua Harris.
NBA LOCKOUT
- Sides trying to save NBA Christmas
- NBA players withdraw one lawsuit
- Kriegel: Anyone missing the NBA?
- Whitlock: Players stand up to bully
- Witz: Ball now in owners' court
- Horrow video: Kiss season goodbye?
- Whitlock: Jordan the owner is a sellout
- Reiter: Heat need lockout to end
- What players are doing during lockout
- 10 biggest lockout losers
Harris is a managing partner at Apollo Global Management, LLC.
The terms of the deal were not disclosed but it is believed to be worth $280 million, CSNPhilly.com reported, falling well short of last year's record $450 million sale of the Golden State Warriors.
"We are honored to have the opportunity to be affiliated with this storied franchise," Harris said in a statement.
"As a basketball fan who attended college in Philadelphia, and with family roots here, I have always felt a strong connection to this City and the 76ers.
"We look forward to helping the 76ers organization build on this past season's accomplishments in the years ahead. The ownership group also looks forward to a long and mutually beneficial relationship with Comcast-Spectacor."
The deal does not include the Wells Fargo Center, home to both the Sixers and Philadelphia Flyers, in whom Comcast-Spectacor still has a controlling interest.
Comcast-Spectacor president Peter Luukko confirmed earlier this month the company was in discussions to sell the Sixers. Sports impresario Ed Snider has served as the leader of the venture that oversaw the Sixers' and Flyers' operations since 1996.
It also was reported earlier this month that Comcast's regional sports network in Philadelphia would continue to own the Sixers' media rights.
Related Stories
Trending Now
-
Micky Ward: I was molested as a child
Man behind character portrayed by Mark Wahlberg claims in book he was molested from a... -
Frazier saves man with Heimlich
Cincinnati Reds third baseman Todd Frazier had two hits and drove in two runs during ... -
Banks to work out with NFL teams
One week after being exonerated on a rape conviction that sent him to prison for five... -
Arena football player dies at age 26
Johnie Kirton, a fullback with the San Jose SaberCats of the Arena Football League, h... -
Peyton tops Tebow in NFL jersey sales
After taking his job as Denver Broncos quarterback, Peyton Manning now has beaten Tim...
NBA Videos
Spurs take 2-0 series lead
Posted: May 30, 2012
Gregg Popovich and Tony Parker talk after the Spurs Game 2 win over the Thunder.
Gregg Popovich and Tony Parker talk after the Spurs Game 2 win over the Thunder.
Heat focused on Game 2
Posted: May 30, 2012
Hear from the Miami Heat as they talk about their Game 2 matchup against the Bos...
Hear from the Miami Heat as they talk about their Game 2 matchup against the Bos...
OKC's rally loses steam in Game 2
Posted: May 30, 2012
Hear from the Thunder after dropping Game 2 to the Spurs by a score of 120-111.
Hear from the Thunder after dropping Game 2 to the Spurs by a score of 120-111.
NBA Headlines
More Than Sports on MSN
Fox Sports Store
| itemName | itemURL | imageSrc | price | itemDescription |
|---|---|---|---|---|
| adidas Kobe Bryant Los Angeles Lakers Revolution 30 Swingman Performance Jersey-Gold | http://www.foxsportsshop.com/FOX_Los_Angeles_Lakers/browse/featuredproduct/491688/source/prsp_ca | http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_491000/ff_491688_xl.jpg&w=100 | 89.95 | adidas Kobe Bryant Los Angeles Lakers Revolution 30 Swingman Performance Jersey-.. |
| adidas LeBron James Miami Heat Revolution 30 Swingman Performance Jersey-Black | http://www.foxsportsshop.com/FOX_Miami_Heat/browse/featuredproduct/498609/source/prsp_ca | http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_498000/ff_498609_xl.jpg&w=100 | 89.95 | adidas LeBron James Miami Heat Revolution 30 Swingman Performance Jersey-Black |
| \'47 Brand Orlando Magic Black Hardwood Classics Franchise Fitted Hat | http://www.foxsportsshop.com/FOX_Orlando_Magic/browse/featuredproduct/505997/source/prsp_ca | http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_505000/ff_505997_xl.jpg&w=100 | 23.95 | \'47 Brand Orlando Magic Black Hardwood Classics Franchise Fitted Hat |
| New Era Dallas Mavericks Black Primary Logo 59FIFTY Flat Bill Fitted Hat | http://www.foxsportsshop.com/FOX_Dallas_Mavericks/browse/featuredproduct/614631/source/prsp_ca | http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_614000/ff_614631_xl.jpg&w=100 | 34.95 | New Era Dallas Mavericks Black Primary Logo 59FIFTY Flat Bill Fitted Hat |
| Boston Celtics Team Mascot Gnome | http://www.foxsportsshop.com/FOX_Boston_Celtics/browse/featuredproduct/617849/source/prsp_ca | http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_617000/ff_617849_xl.jpg&w=100 | 24.95 | Boston Celtics Team Mascot Gnome |
| Mitchell & Ness Houston Rockets Red Solid Script Snapback Adjustable Hat | http://www.foxsportsshop.com/FOX_Houston_Rockets/browse/featuredproduct/692238/source/prsp_ca | http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_692000/ff_692238_xl.jpg&w=100 | 25.95 | Mitchell & Ness Houston Rockets Red Solid Script Snapback Adjustable Hat |
Member Comments
Please note by clicking on "add a comment" you acknowledge that you have read the Terms of Use and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator.