July 14, 2011 – The Hoop Doctors
A little over a month ago, we reported that the Philadelphia 76ers were looking to sell the team. It appears as if that is now a done deal.
Comcast-Spectacor reached an agreement Wednesday to sell the 76ers to a group of investors led by New York billionaire Joshua Harris.
The deal, first reported as being in the works just over a month ago, is pending approval by the NBA’s board of governors. No difficulties are expected regarding the NBA’s approval of the sale.
Although terms of the agreement were not disclosed, multiple sources put the deal’s value at approximately $280 million for a 90 percent share of the team. Comcast-Spectacor and its chairman, Ed Snider, will retain a 10 percent share but will relinquish operational control.
Read more details about the sale of the Sixers at Philly.com.
