The Sixers are officially off the market.
Comcast-Spectacor reached an agreement yesterday to sell the franchise to a group of investors led by billionaire Joshua Harris. The deal still has to be approved by the NBA’s Board of Governors. That should happen “later in 2011,” per a press release.
The acquisition doesn’t include the Flyers or the Wells Fargo Center. The Sixers will keep their broadcast agreement with Comcast SportsNet Philadelphia.
“We are honored to have the opportunity to be affiliated with this storied franchise,” said Harris in a statement. “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.”
The deal is worth a reported $280 million for a 90 percent share of the team. Ed Snider will retain the remaining 10 percent. This year, Forbes magazine valued the Sixers at $330 million.
The 46-year-old Harris is the co-founder of Apollo Global Management. His group includes David Blitzer, of The Blackstone Group and former Sacramento Kings executive Jason Levien.