Philadelphia 76ers will be sold. Agreement for Sixers sale now in place

[Basketball Fan]

76ers Sale "Imminent"
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
Tags: Henry Abbott, TrueHoop76ers Sale "Imminent"
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."

The Associated Press, citing a person familiar with the deal who spoke on condition of anonymity, said the team could be sold within the week. The source said Harris' group was not the only bidder but is now the lead bidder, adding the deal has been in the works for several months.

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

In a statement, Comcast-Spectacor chief operating officer Peter Luukko told The AP there are "discussions about the future of the team" that are confidential, but did not address a possible 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.

Harris, through an Apollo spokeswoman, declined comment.

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

Blitzer moved from New York to London in 2002 to create the London-based European office of the Blackstone Group, one of the largest private investment groups in the world.

As an agent, Levien represented players including Kevin Martin, Luol Deng and Udonis Haslem.

Harris and Blitzer have Philadelphia ties, having graduated from the Wharton School at the University of Pennsylvania within a few years of each other.

Through his holding company Spectacor, Ed Snider has controlled the Sixers since 1996 -- the same year Spectacor merged with Comcast. Comcast-Spectacor also owns the NHL's Philadelphia Flyers, and the Wells Fargo Center where both teams play. The company would continue to own and operate the arena with the Sixers as a tenant, according to sources.

The Associated Press left a message for Snider seeking comment.

-- espn/AP

[LeFraud Shames]

Why don't the players just take a pay-cut and go play for the Heat? :hammerhead:

[PHILA]

Now Snider can focus more on his Flyers.

[veilside23]

http://www.nba.com/2011/news/06/07/sixers-sale.ap/index.html?ls=iref:nbahpt2



PHILADELPHIA (AP) -- The Philadelphia 76ers are on the market and a person familiar with the deal says the franchise once home to Wilt Chamberlain, Charles Barkley and Allen Iverson could be sold within the week.

The person spoke to The Associated Press on Tuesday on condition of anonymity because the deal with the group led by New York-based leveraged buyout specialist Joshua Harris is not yet complete.

Comcast-Spectacor, led by chairman Ed Snider, has owned the Sixers since 1996, but the group's chief operating officer confirmed Tuesday there are ongoing discussions about the team's future.



thoughts?

more just open the link

[veilside23]

http://www.nba.com/2011/news/06/07/sixers-sale.ap/index.html?ls=iref:nbahpt2



PHILADELPHIA (AP) -- The Philadelphia 76ers are on the market and a person familiar with the deal says the franchise once home to Wilt Chamberlain, Charles Barkley and Allen Iverson could be sold within the week.

The person spoke to The Associated Press on Tuesday on condition of anonymity because the deal with the group led by New York-based leveraged buyout specialist Joshua Harris is not yet complete.

Comcast-Spectacor, led by chairman Ed Snider, has owned the Sixers since 1996, but the group's chief operating officer confirmed Tuesday there are ongoing discussions about the team's future.



thoughts?

more just open the link


if this has been posted please delete thanks

[FourthTenor]

I heard the new ownership is exploring the possibility of relocating the sixers to Lincoln, NE

[Clippersfan86]

I would be very bummed if such a proud franchise with probably the best basketball fans in the NBA get their team ripped from them like NO and SAC might and like Seattle did.

[Styles p]

i ****ing hate ed snider.

[StateProperty]

I would be very bummed if such a proud franchise with probably the best basketball fans in the NBA get their team ripped from them like NO and SAC might and like Seattle did.
The guy supposedly buying them is from New York.

And yeah Snider is a hockey guy. He's never given the same interest in the Sixers like he does with the Flyers.

[Da Heroic One]

Ever since Iverson left the 76ers they have been worthless. So who cares.

[Stuckey]

that's a shame

[Ramiah]

I'm damn depressed.....this can't be real :cry:

[veilside23]

i wonder why.. Ny doesnt need 3 teams

[Bogus_Sting]

I heard the new ownership is exploring the possibility of relocating the sixers to Lincoln, NE

Never.

[insidehoops]

Comcast-Spectacor today announced it has reached an agreement to sell the Philadelphia 76ers basketball team to a group led by Joshua Harris, Co-Founder of Apollo Global Management, LLC. Terms of the agreement, which is subject to approval by the National Basketball Association

[Maniak]

So they're staying in Philly, but just getting a new owner?

[GOBB]

So they're staying in Philly, but just getting a new owner?


Th were never leaving. :confusedshrug:

Hopefully this billionaire is somewhat of a mark Cuban or Atleast takes notes

[KenneBell]

LBO, very nice. I wonder where they sourced the debt from. Big mula!

[Maniak]

Th were never leaving. :confusedshrug:

Hopefully this billionaire is somewhat of a mark Cuban or Atleast takes notes
Oh, I assumed as much.

[StateProperty]

Th were never leaving. :confusedshrug:

Hopefully this billionaire is somewhat of a mark Cuban or Atleast takes notes
They've talked about him being a lifelong Sixers fan. He'll at least show an interest in the team.

[blacknapalm]

so, in 1996, the team went for $125 million and today sold for $280 million. there's something fishy about the way the owners are spending their money publicly. i thought philly was supposed to be one of the troubled teams. is my line of thinking way off? i've seen other things that make me wonder as well. even considering inflation, that's a huge margin. how are these franchises worth so much if they are supposedly losing a crap ton of money?

[wally_world]

I'll chip in $16.25 and a couple of Snicker bars

[chocolatethunder]

so, in 1996, the team went for $125 million and today sold for $280 million. there's something fishy about the way the owners are spending their money publicly. i thought philly was supposed to be one of the troubled teams. is my line of thinking way off? i've seen other things that make me wonder as well. even considering inflation, that's a huge margin. how are these franchises worth so much if they are supposedly losing a crap ton of money?

Well Forbes had the team valued at $360 million. I guess that shows you what valued means. Apparently nothing. Something is only worth what someone is willing to pay for it.

[artificial]

They've talked about him being a lifelong Sixers fan. He'll at least show an interest in the team.
Nice

[StateProperty]

"This change in Philadelphia, I'm very aware of that group and ..." Shaq said. "I know they're going to pick it up with everything they can and get some new exciting players in there to bring it back to life. Owners like that and Mark Cuban and the guy who just purchased the Detroit Pistons, they're new-wave owners."

http://www.philly.com/philly/blogs/deep-sixer/Magee-tweaking-Turners-shot.html#ixzz1S6cNiFgE

[mentallooser]

Richmond VA c'mon

[PowerGlove]

People actually think the 76ers are moving?:oldlol: :oldlol:

the third most storied franchise in NBA history is going to move?

[StateProperty]

People actually think the 76ers are moving?:oldlol: :oldlol:

the third most storied franchise in NBA history is going to move?
Yeah, that was never even a rumor. The new owner went to college in Philly, his mom is from Philly, and he's only from New York so moving them cross country doesn't even make sense.

Plus, the old ownership kept 10% and keeping them in the same building was part of the deal.

[Nets fan 93]

They better stay in Philly. NY really does not need 3 teams at all!!

[KingJay718]

Damn that was quick.

[Heat1011]

Who cares?
Contract them

[ShawnieMac06]

Why do people here think just because a team is being sold, it automatically means that they'll move? Abandoning the 4th largest market in the country and one of the NBA's flagship cities...doesn't at all make sense.

All this did for Comcast is essentially free up some extra cash to finish their purchase of NBC Universal.

[insidehoops]

The 76ers sale was agreed to a long while back, but the actual final transactions to make it official aren't done yet, but should be soon.

Read http://www.insidehoops.com/blog/?p=8452

[insidehoops]

Last week, the NBA Board of Governors approved the sale of the team by Comcast-Spectacor to a group led by billionaire Joshua Harris, co-founder of Apollo Global Management. Harris grew up in the Philadelphia area and graduated from the Wharton School of Business. Today at the Palestra, the group will be introduced to the media at an 11:30 a.m. news conference.

The sale was completed in July, but needed league approval. Forbes magazine put the team's value at $330 million. The new owners paid about $280 million.

-- Reported by the Philadelphia Daily News

[insidehoops]

Sale is complete

FULL INFO HERE: http://www.insidehoops.com/blog/?p=8463

[dj ys]

Well Forbes had the team valued at $360 million. I guess that shows you what valued means. Apparently nothing. Something is only worth what someone is willing to pay for it.

only reason it sold so low is because they basically aren't getting the TV money with it.