Comcast to purchase late Ed Snider's share of Flyers' parent company

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Thursday, September 22, 2016

PHILADELPHIA -- Comcast Corp. says it has a deal to purchase the late Ed Snider's share of the Philadelphia Flyers' parent company.

Company officials said Thursday that they will purchase Snider's 24 percent stake in Comcast Spectacor, giving it 100 percent ownership of the company. Terms were not disclosed.

The deal is expected to close in October. The purchase is pending approval of the NHL, which is expected to discuss it Friday at its board of governors' meeting in New York.

Snider founded the Flyers in 1967 and owned the team until his death in April of bladder cancer at 83.

In a statement, Comcast CEO Brian Roberts called him "a visionary in the sports and entertainment industry" and said the deal will help his company "carry his spirit."

Comcast Spectacor also owns and operates the Wells Fargo Center, home of the Flyers and NBA's 76ers. Comcast has held majority ownership of Comcast Spectacor since 1996.