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Old 07-08-2011, 12:12 PM   #1
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Default Sale of Philadelphia 76ers should be soon

Bloomberg News reported Thursday that the 76ers are likely to be sold to a group led by Joshua Harris in the "next few business days." According to people familiar with the negotiations, Harris, the director at Apollo Global Management L.L.C., will pay about $280 million for the team. Bloomberg said it granted anonymity to two sources because they weren't authorized to discuss the sale publicly. Philadelphia Inquirer

Harris’s group includes David Blitzer, who moved to London from New York in 2002 to create the European office of the Blackstone Group LP (BX), the biggest private-equity firm. Michael Preston, a spokesman for the 76ers, declined to comment. Ike Richman, spokesman for Comcast-Spectacor, didn’t immediately respond to a voice mail left at his office or an e- mail. Neither Harris nor Blitzer immediately responded to e- mails seeking comment. Comcast-Spectacor also owns hockey’s Philadelphia Flyers and the Wells Fargo Center, where both clubs play. The 76ers’ deal doesn’t include the hockey team or arena, which will still be operated by the holding company. Bloomberg
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Old 07-08-2011, 09:47 PM   #2
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Default Re: Sale of Philadelphia 76ers should be soon

Good news. This guy has deep pockets and hopefully he's willing to spend for the sake of the team. His net worth is around 2 billion and he's relatively young at 45...hopefully he'll be inspired by Cuban.
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