Comcast-Spectacor, Joshua Harris reach deal for sale of 76ers

Comcast-Spectacor reached an agreement Wednesday to sell the 76ers to a group of investors led by New York billionaire Joshua Harris.

The deal, first reported as being in the works just over a month ago, is pending approval by the NBA's board of governors. No difficulties are expected regarding the NBA's approval of the sale.

Although terms of the agreement were not disclosed, the deal is for 100 percent of the Sixers for approximately $280 million, possibly slightly more. Comcast-Spectacor and current chairman Ed Snider rescind operational control of the team, but still own the arena and the cable rights through 2029.

The deal does not include the NHL's Flyers, also owned by Comcast-Spectacor, or the Wells Fargo Center, which houses both professional teams. Under the new ownership group, the Sixers will continue playing there.

According to a news release issued by Comcast-Spectacor, the Sixers "will remain a long-term tenant of the Wells Fargo Center and will have a long-term cable broadcast agreement for its games with Comcast SportsNet Philadelphia." The TV deal runs through 2029.

Harris, 46, is cofounder of Apollo Global Management, which specializes in leveraged buyout transactions.

A graduate of the Wharton School of the University of Pennsylvania, Harris is worth an estimated $1.5 billion. He is joined in the investment group by David Blitzer of the Blackstone Group, Art Wrubel of the hedge fund Wesley Capital, and former NBA agent and Sacramento Kings executive Jason Levien.

It remains unclear what role, if any, Levien will play within the Sixers' front office, which is currently run by team president Rod Thorn.

The new ownership group has met with Thorn on several occasions. Levien worked as assistant general manager for the Kings from 2008 to '10, and there is some indication that he may play a role in the team's front office.

"They have questions about how we do things, why we do things, what we think of our personnel, what we think we need," Thorn said last month.

Comcast-Spectacor's news release stressed that each member of the ownership group is making a personal investment and that the purchase is not affiliated with Apollo, Blackstone, or Wesley.

"We are honored to have the opportunity to be affiliated with this storied franchise," Harris said in the news release. "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. We look forward to helping the 76ers organization build on this past season's accomplishments in the years ahead."

Also a Wharton graduate, Blitzer said the group was "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."

The Sixers have won just one playoff series since 2001, when Larry Brown coached the Allen Iverson-led team into the NBA Finals.

"I loved Ed Snider, and I loved Ed Stefanski for everything they did for me," Iverson told the Associated Press last month. "As far as them moving forward, I wish them all of the best with all of my heart."

The team has struggled on the court and at the gate in recent seasons, although the 2010-11 Sixers enjoyed a resurgence under new coach Doug Collins. His Sixers finished 41-41 and reached the playoffs, bowing in the first round to the Miami Heat.

Through spokesmen, Comcast-Spectacor and the new owners declined further comment until the sale's approval. The process usually takes about two months. The board of governors completes background and financial checks before approving ownership changes.

Despite the current NBA lockout - there is a moratorium on player movement, and communication between teams and players is barred - the sale of a franchise can still proceed.

In January, Forbes valued the Sixers at $330 million, which included the Wells Fargo Center, and listed the team as the 17th-most valuable NBA franchise among 30 teams. Comcast-Spectacor purchased the Sixers from Harold Katz in 1996 for $130 million.

Snider never made it public knowledge that the Sixers were for sale, but as recently as 2006 news emerged that Comcast-Spectacor had engaged in discussions to sell the team. There were several indications that, if the right deal was available, Snider would be willing to sell.

Snider founded Spectacor in 1974 and sold a 67 percent share of his company to media giant Comcast in 1996. Throughout his tenure as Sixers owner, Snider has received criticism for "favoring" the Flyers, the team he founded.

In an interview with the Associated Press many years ago, Snider explained the situation.

"I guess it's the difference of having your own baby or adopting your child," Snider said. "I've adopted the Sixers, and I love the Sixers. I really do. But hockey, I started from scratch."

The deal, pending NBA approval and "customary closing conditions," is expected to close later this year.