"Philadelphia 76ers owner Comcast-Spectacor is in talks to sell the team to a group led by New York-based leveraged buyout specialist Joshua Harris", ESPN reports here.
Response from Comcast-Spectacor President Peter Luukko: "I can confirm that we are in discussions about the future of the team, but these discussions are confidential and we cannot talk about the details."
Comcast-Spectacor is 2/3 Comcast, 1/3 Luuko's boss Ed Snider, with Snider running the show, as long as he meets Comcast profit and business targets.
A graduate of Penn's Wharton School, Harris learned M&A at the former Philadelphia firm Drexel Burnham Lambert (junk-bond king Mike Milken's alma mater) before joining Leon Black and other partners at Apollo Global Management.
Black got rich running Apollo investment funds, which buy, reorganize and sell companies and property. The group manages billions for giant pension plans, including the taxpayer-funded Pennsylvania State Employees' Retirement System and the state Public School Employees' Retirement System.
Apollo's Philadelphia investments include the Curtis and Public Ledger buildings near Washington Square, which the firm is trying to sell.
Posted: June 7, 2011 - 11:25 AM
Joseph N. DiStefano
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