FOR SALE: The Philadelphia 76ers

ESPN.com reports that Comcast-Spectacor is looking to sell the Sixers to a group led by Joshua Harris, a leveraged buy-out specialist. A source told ESPN the deal is “imminent.”

Harris has a net worth of $1.5 billion according Forbes’ 2011 billionaire rankings. Yes “billion” with a B. Harris is a co founder of Apollo Global Management, a company which invests in distressed properties. I guess this officially makes the Sixers a distressed property, but I think we already knew that.

While many were unaware the team was for sale, personally I saw this one coming. Ed Snyder, chairman of Comcast Spectacor has always cared more for for his baby, the Flyers than the Sixers. I think Snyder is well aware that he does not devote as much attention to the Sixers as he does the Flyers, and wanted to see a new owner who would be more dedicated towards the team buy the Sixers.

The Sixers will still play in the Wells Fargo Center, but as a tenant once the sale is complete. Snyder has controlled the Sixers since 1996, and the Harris group will be the sixth owners in the club’s history.

Follow Christian Hetrick on Twitter: @Hetric55

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s