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Comcast has deal to sell Sixers to investors

Posted on: July 12, 2011 2:28 pm
Edited on: July 12, 2011 2:39 pm
 
Comcast-Spectacor has a deal in place to sell the Philadelphia 76ers to an investor group led by Joshua Harris of Apollo Global Management, LLC, CBSSports.com has learned.

There was no immediate word on a sale price, which does not include the Wells Fargo Center or the NHL's Flyers, sources said Tuesday.

David Blitzer of The Blackstone Group will join Harris as lead partner, according to sources familiar with the deal. Former player agent and Sacramento Kings executive Jason Levien also is part of the proposed ownership group, sources said. Apollo, which describes itself on its web site as specializing in "contrarian" investments and "distressed" assets, and Blackstone are not involved in the transaction.

The Detroit Pistons were recently sold to Tom Gores and his Beverly Hills-based investment firm, Platinum Equity, for a reported $325 million. Gores is a native of Flint, Mich., and attended Michigan State. Harris is a graduate of the University of Pennsylvania's Wharton School of Business in Philadelphia. Apollo has offices in New York City, Purchase, N.Y., Los Angeles, Europe and Asia.

The sales agreement is subject to approval by the NBA's Board of Governors.
Comments

Since: Aug 17, 2006
Posted on: July 20, 2011 1:35 pm
 

Comcast has deal to sell Sixers to investors

The 76ers sold 72.6% of their tickets last year, a league low, yet they are selling the team for big money.   Why would a smart Wall Street guy buy a team in a league that is loosing money for well over $200 M?   Sorry owners things can not be that bad.  






Since: Nov 3, 2007
Posted on: July 13, 2011 3:26 pm
 

Comcast has deal to sell Sixers to investors

Ha, buying an NBA team, what a bad investment that is now a days.



Since: Sep 11, 2007
Posted on: July 13, 2011 2:48 pm
 

Comcast has deal to sell Sixers to investors

Comcast is selling the 76ers and not the Flyers or the Wells Fargo Center because The NHL put in hard min/max hard cap in place and a little fiscal sanity.  They can still make money off the Sixers as a tennant without the headaches of a salary structure out of control.



Since: May 17, 2008
Posted on: July 13, 2011 2:37 pm
 

Comcast has deal to sell Sixers to investors

Will someone please explain to me how you can sell a part of an NBA to someone who currently works for another NBA team. conflict of interest?



Well, #1 it says "former" which I assume refers to his status as "Sacramento Kings executive".  Second, the obvious answer is he would have to quit his job as a Sacramento Kings executive if he is in fact still an employee of that organization.  Really very simple.



Since: Feb 5, 2009
Posted on: July 13, 2011 2:21 pm
 

Comcast has deal to sell Sixers to investors

if thats the case why  are they not selling the flyers or the wells fargo center?



Since: Mar 22, 2008
Posted on: July 13, 2011 12:27 pm
 

Comcast has deal to sell Sixers to investors

The problem with the Sixers has never been they won't send money. Instead their problem has been spending way too much on players that did not that large a contract. Superstars shoul get Superstar money. Good players should not. They have been too loyal to a fault. If a player wants more than they are worth, let them try to find that money from another team. That may seem cold but how has overpaying our players worked out for us.



Since: Dec 19, 2006
Posted on: July 13, 2011 12:12 pm
 

Comcast has deal to sell Sixers to investors

Heatwave,
Comcast still owns the Flyers and the Wells Fargo Center.



Since: Nov 3, 2006
Posted on: July 13, 2011 1:52 am
 

Comcast has deal to sell Sixers to investors

Finally, a new ownership for the Sixers.  The Comcast group and Snider have no clue how to run a basketball team.  Thankfully, we'll finally get to see if someone else can.

Hopefully there is a clause in the deal that requires the new ownership to keep the franchise in Philadelphia.  Wouldn't make any sense for the 76ers to play anywhere else.



Since: Sep 27, 2006
Posted on: July 13, 2011 12:23 am
 

Comcast has deal to sell Sixers to investors

The Sixers have had poor attendance because Comcast did nothing to improve the team. Philly fans went too many years with a loser team and no effort from management to make that team any better. You gotta try! With the exception of this past season, the team has been horrible Hopefully the new owners will bring in a player and try to win. That will put fans back in the seats. The team has a nice base of players and a top notch coach. They started to put fans in the stands as they began to compete. They need to stay on course. Money will need to be spent. The new owners will need to try to win.



Since: Oct 28, 2008
Posted on: July 12, 2011 8:53 pm
 

Comcast has deal to sell Sixers to investors

hopefully this new ownership can draw fans.  Huge sportsmarket means nothing if you look at the sixers attendance these past few years. 


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