Deal to sell 76ers to Joshua Harris-led group done

Photo courtesy of University of Pennsylvania

July 13, 2011 8:27:42 PM PDT
The 76ers are poised for a new owner after Comcast-Spectacor has announced an agreement to sell the NBA team to a group led by leveraged buyout specialist Joshua Harris, a co-founder of Apollo Global Management LLC.

In a statement Wednesday, Comcast-Spectacor did not say how much the deal was worth, but said the acquisition does not include the Wells Fargo Center or the NHL Flyers. The 76ers will remain a long-term tenant of the site and will keep a long-term cable broadcast deal for its games with Comcast SportsNet Philadelphia.

The 76ers were valued this year by Forbes at $330 million, 17th in the NBA, and have a TV deal with cable station Comcast SportsNet through 2029.