Philadelphia Sixers Sale Approved By the NBA

by October 17, 2011
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Without too much fanfare, the League approved the sale of the Sixers to a group of wealthy investors. Reports the Philly Inquirer: “The NBA Board of Governors has approved Comcast-Spectacor’s sale of the 76ers to a group of investors led by New York billionaire Joshua Harris, an NBA source confirmed. The sale is expected to officially close early next week; the new ownership group is expected to hold a news conference, possibly as early as Tuesday. Terms of the sale were agreed upon in July: $280 million for 100 percent of the franchise. Completion of the sale has been pending league approval for more than two months while the league is mired in a labor dispute with the NBA Players Association … The investment group includes Harris, 46, who made his fortune in private equity; Dave Blitzer; portfolio-manager Art Wrubel; and former NBA agent Jason Levien.”