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-   -   Philadelphia 76ers will be sold. Agreement for Sixers sale now in place (http://www.insidehoops.com/forum/showthread.php?t=225969)

Basketball Fan 06-07-2011 05:19 PM

Sixers up for sale
 

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 06-07-2011 05:21 PM

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

PHILA 06-07-2011 09:37 PM

Re: Sixers up for sale
 
Now Snider can focus more on his Flyers.

veilside23 06-08-2011 09:17 PM

Philadelphia 76ers will be sold. Agreement for Sixers sale now in place
 
http://www.nba.com/2011/news/06/07/s...s=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 06-08-2011 09:18 PM

Re: Sixers for sale?
 
Quote:

Originally Posted by veilside23
http://www.nba.com/2011/news/06/07/s...s=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 06-08-2011 09:22 PM

Re: Sixers for sale?
 
I heard the new ownership is exploring the possibility of relocating the sixers to Lincoln, NE

Clippersfan86 06-08-2011 09:35 PM

Re: Sixers for sale?
 
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 06-08-2011 10:25 PM

Re: Sixers for sale?
 
i ****ing hate ed snider.

StateProperty 06-08-2011 10:27 PM

Re: Sixers for sale?
 
Quote:

Originally Posted by 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.

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 06-08-2011 10:28 PM

Re: Sixers for sale?
 
Ever since Iverson left the 76ers they have been worthless. So who cares.

Stuckey 06-08-2011 10:34 PM

Re: Sixers for sale?
 
that's a shame

Ramiah 06-08-2011 10:41 PM

Re: Sixers for sale?
 
I'm damn depressed.....this can't be real :cry:

veilside23 06-09-2011 02:10 AM

Re: Sixers for sale?
 
i wonder why.. Ny doesnt need 3 teams

Bogus_Sting 06-09-2011 02:12 AM

Re: Sixers for sale?
 
Quote:

Originally Posted by FourthTenor
I heard the new ownership is exploring the possibility of relocating the sixers to Lincoln, NE


Never.

insidehoops 07-13-2011 09:08 PM

Re: Philadelphia 76ers will be sold. Agreement for Sixers sale now in place
 
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 Associationís Board of Governors, were not disclosed.

Read this for more details:

http://www.insidehoops.com/blog/?p=7988


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