Report: 76ers sale approved by NBA
By SPORTS NETWORK
PHILADELPHIA -- The sale of the 76ers to a group headed by billionaire Joshua Harris has reportedly been approved by the NBA Board of Governors.
According to The Philadelphia Daily News, the organization is expected to hold a press conference sometime next week.
Harris, the co-founder of Apollo Global Management, agreed to purchase the team from Comcast-Spectacor back in July. 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.
Harris, who graduated from the University of Pennsylvania's prestigious Wharton School of Business, is joined in the new ownership group by David Blitzer, a senior managing director of The Blackstone Group; and Jason Levien, a former NBA player agent and Sacramento Kings executive.
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, originally bought the Sixers from Harold Katz in 1996.
The 76ers 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.
In 2010-11, Doug Collins guided the Sixers to a 41-41 record before losing to Miami in five games during the opening round of the playoffs.