Comcast-Spectacor has sent out a press release announcing that it has reached an agreement to sell the Philadelphia 76ers to the investment group led by Joshua Harris. Despite the NBA being in a lockout preventing talks between teams and players, this will not delay the sale from going through.
Harris' ownership group includes David Blitzer, Art Wrubel, and Jason Levien. Blitzer is the Senior Managing Director of The Blackstone Group, and Levien is a former NBA player agent and former member of the Sacramento Kings organization.
The sale is to the participants as personal investors, not associated with either Apollo or Blackstone.
Comcast-Spectacor is selling 90% of the team for a reported $280 million, with Ed Snider retaining the remaining 10%, although he will have no oversight into the operations of the team. The deal does not include either the Wells Fargo Center or Comcast SportsNet, and the Sixers will remain long term tenants of the Wells Fargo Center, and will retain the contract with Comcast SportsNet to broadcast the games.
"We are honored to have the opportunity to be affiliated with this storied franchise," said Harris. "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," Harris said. "We look forward to helping the 76ers organization build on this past season's accomplishments in the years ahead. The ownership group also looks forward to a long and mutually beneficial relationship with Comcast-Spectacor."
"We are 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," Blitzer said.
As previously stated, the sale is still pending league approval. It's unknown exactly how long that will take to be completed, but the new ownership group has already met with Rod Thorn.