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.
– Reported by Kate Fagan of the Philadelphia Inquirer
The sale of the 76ers to a group headed by Joshua Harris was approved yesterday by the NBA Board of Governors, according to an NBA source.
The organization is expected to hold a press conference in Philadelphia sometime next week to formally announce the sale.
Though the NBA is currently in the midst of a lockout, Harris will now be able to fill in fans as to what his plans are with the future of the team, at least somewhat. Because of the lockout, Harris will not be alowed to discuss players or team personnel issues.
One of the bigger questions surrounding the team is if current general manager Ed Stefanski will hold on to that job title. Stefanski has interviewed with the Toronto Raptors and is said to be a leading candidate for their GM position. Stefanski is held in very high regard by coach Doug Collins, who came in last season and improved the team from 27 wins to 44 in his initial season.
– Reported by Bob Cooney of the Philadelphia Daily News