Philadelphia 76ers sales talks ongoing

Well, this is new. There hasn’t been much press about the Philadelphia 76ers possibly selling the team, but according to a new report, talks of a sale are ongoing as we speak.

Henry Abbott of ESPN reports:

Philadelphia 76ers owner Comcast-Spectacor is in talks to sell the team to a group led by New York-based leveraged buyout specialist Joshua Harris, according to sources.

Negotiations are ongoing and a source with knowledge of the talks called a deal “imminent.”

Once the parties reach final agreement, it would become official only with approval of the league’s Board of Governors.

The Sixers were not known to have been for sale.

Harris, 46, co-founded Apollo Global Management, which invests primarily in distressed properties, in 1990. In Forbes’ 2011 billionaire rankings, Harris was reported to have a net worth of $1.5 billion.

Other partners in the deal include private equity executive David Blitzer and former NBA player agent and Sacramento Kings executive Jason Levien.

The 76ers have had low attendance for years, and a public relations department that is known to shun outsiders.

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