Philadelphia Sixers Have Been Sold

At long last, the Philly Sixers have a new ownership group. The NBA just needs to approve the sale to finalize matters now. From the Inquirer: “Comcast-Spectacor reached an agreement Wednesday to sell the 76ers to a group of investors led by New York billionaire Joshua Harris. The deal, first reported as being in the works just over a month ago, is pending approval by the NBA’s board of governors. No difficulties are expected regarding the NBA’s approval of the sale. Although terms of the agreement were not disclosed, multiple sources put the deal’s value at approximately $280 million for a 90 percent share of the team. Comcast-Spectacor and its chairman, Ed Snider, will retain a 10 percent share but will relinquish operational control. The deal does not include the NHL’s Flyers, also owned by Comcast-Spectacor, or the Wells Fargo Center, which houses both professional teams. Under the new ownership group, the Sixers will continue playing there. According to a news release issued by Comcast-Spectacor, the Sixers ‘will remain a long-term tenant of the Wells Fargo Center and will have a long-term cable broadcast agreement for its games with Comcast SportsNet Philadelphia.’ The TV deal runs through 2029. Harris, 46, is cofounder of Apollo Global Management, which specializes in leveraged buyout transactions.”