76ers sale done, needs league approval

Sports Network

, Last Updated: 4:03 PM ET

PHILADELPHIA - An agreement to sell the Philadelphia 76ers has been reached and is awaiting approval by the NBA, the team's current owners said Wednesday.

Comcast-Spectacor said it has agreed to sell the Sixers to an investment group led by Joshua Harris, the co-founder of Apollo Global Management.

Financial terms of the deal were not disclosed, but Forbes previously reported that Comcast-Spectacor would sell the team for between $300-330 million, with the price likely to be closer to $300 million.

The sale is expected to close later this year.

Harris, who graduated from the University of Pennsylvania's prestigious Wharton School of Business, said in a statement that his group was honored by the opportunity to own the Sixers.

"As a basketball fan who attended college in Philadelphia, and with family roots here, I have always felt a strong connection to this city and the 76ers," he said.

Comcast-Spectacor listed the other members of the new ownership group as David Blitzer, a senior managing director of The Blackstone Group; and Art Wrubel and Jason Levien.

It said the members of the group are making personal investments to buy the team. The companies employing Harris and Blitzer are not involved.

"We are excited to become associated with this iconic team and to have the chance to serve the great city of Philadelphia and its loyal basketball fans," Blitzer said in a statement.

The sale does not include the Wells Fargo Center or the NHL's Philadelphia Flyers, which are also owned by Comcast-Spectacor. The Sixers will remain in the Wells Fargo Center and will have a long-term broadcast deal with Comcast SportsNet Philadelphia.

Comcast-Spectacor, led by chairman Ed Snider, bought the Sixers from Harold Katz in 1996.

The Sixers have lost their last four playoff series and have just one postseason series victory since Allen Iverson led the team to the NBA Finals in 2001.

This past season, Doug Collins guided the Sixers to a 41-41 record before losing to Miami in five games in the playoffs.


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