Photo: Wikimedia Commons
A group of New York-based investors, headed by the Apollo Group’s Josh Harris, has wrapped up a deal to buy the Philadelphia 76ers.The sale price is estimated at $295 million, according to Forbes’ Mike Ozanian. It just needs the approval of the league office to become official.
“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 organisation build on this past season’s accomplishments in the years ahead,” Harris said in a statement.
The previous ownership group of Ed Snider and Comcast-Spectacor will continue to own both the Wells Fargo centre and the Philadelphia Flyers.
Several sign points to this being a steal for the Harris. Forbes valued the Sixers at $330 million in February, which constitutes a tidy $35 million rebate for the new owners. In addition, the size of the Philadelphia media market gives the franchise the potential to grow in value dramatically.
The sale comes as a relief to both Snider and Sixers fans.
Fans hope that new ownership will turn around the decade of mediocrity that the franchise has endured since making the 2001 NBA Finals.
Snider, for his part, gets out from under the middling team that always took a back seat to his beloved Flyers.
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