The rumored sale of the Philadelphia 76ers is near completion, with sources telling CSNPhilly.com’s Dei Lynam that Comcast-Spectacor (NBC10's parent company) and a group led by Joshua Harris “are very close” to a deal.
Harris is the co-founder of New York-based private equity firm Apollo Global Management LLC (which recently purchased the rights to ‘American Idol’) and was reported to be worth $1.2 billion by Forbes.com as of March 2011.
With the uncertainty surrounding the 2011 NBA season (the league is currently locked out), it’s an interesting time to finalize the deal. CSNPhilly.com also reports that the sale price, estimated at $280 million, is relatively low compared to the last NBA team to sell (the Golden State Warriors, who sold last summer for a league record $450 million, according to Bloomberg).
Why the low price? Comcast-Spectacor, which has owned the Sixers since 1996, will retain ownership rights on the Sixers’ arena, the Wells Fargo Center, along with the television rights to the team (secured through 2029), two major revenue sources.
Harris, who co-founded Apollo in 1990, holds a bachelor’s degree from the University of Pennsylvania in addition to a master’s from the Harvard Business School. His group of investors includes David Blitzer, the London-based head of Blackstone Group LP, one of the world's largest private-equity firms.
