76ers not for sale, says Comcast-Spectacor
Comcast-Spectacor Chairman Ed Snider announced today that the company has concluded its exploration of strategic alternatives involving ownership of the Philadelphia 76ers and has decided that the company will retain control of the team.
According to Snider: "Over the last summer, we were presented a variety of proposals involving the purchase of some or all of our interests in the team. When these parties came to us, it confirmed what we already knew, that the Sixers are a very valuable and popular franchise. We felt that we needed to evaluate the opportunities and hired Galatioto Sports Partners (GSP) to advise us in the process. Now, after completing our review and in consultation with GSP, we have decided that the team is not for sale."
Snider said that Comcast-Spectacor's analysis of alternatives included a comprehensive review of all of Comcast-Spectacor's varied interests and particularly the ways in which the company's different assets supported each other. Comcast-Spectacor continues to quickly emerge as a national leader in the sports and entertainment industry through rapid growth of its private management firm Global Spectrum, as well as its new ticketing company, New Era Tickets, and Ovations Food Services, its successful food and beverage concession company.
"Our review made it clear that all of the different companies operating under the Comcast-Spectacor umbrella are doing very well, and reinforced our longstanding belief that holding all of these synergistic opportunities under one roof, including the Sixers, continues to be the best way to move forward for the future."
Comcast-Spectacor (comcast-spectacor.com) is the Philadelphia-based sports and entertainment company which owns the Philadelphia Flyers (NHL), the Philadelphia 76ers (NBA), the Philadelphia Phantoms (AHL), the two arenas in which their teams play, the Wachovia Center and Wachovia Spectrum, four Flyers Skate Zone community ice skating and hockey rinks and Comcast SportsNet Philadelphia.
In addition, Comcast-Spectacor is also the principal owner of Global Spectrum, the fastest growing firm in the public assembly management field with more than 60 facilities throughout the United States and Canada; Ovations Food Services, a food and beverage service provider; New Era Tickets, a ticketing and marketing company for public assembly facilities; Front Row Marketing Services, a commercial rights sales company; and 3601 Creative Group, a full-service in-house advertising agency.
Comcast-Spectacor also owns the Bowie Baysox, the Delmarva Shorebirds, the Frederick Keys baseball teams, all affiliates of the Baltimore Orioles. In a partnership with Disson Skating, Comcast-Spectacor annually produces 10 nationally televised figure skating spectaculars on NBC.