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Blog Entry

Comcast has deal to sell Sixers to investors

Posted on: July 12, 2011 2:28 pm
Edited on: July 12, 2011 2:39 pm
 
Comcast-Spectacor has a deal in place to sell the Philadelphia 76ers to an investor group led by Joshua Harris of Apollo Global Management, LLC, CBSSports.com has learned.

There was no immediate word on a sale price, which does not include the Wells Fargo Center or the NHL's Flyers, sources said Tuesday.

David Blitzer of The Blackstone Group will join Harris as lead partner, according to sources familiar with the deal. Former player agent and Sacramento Kings executive Jason Levien also is part of the proposed ownership group, sources said. Apollo, which describes itself on its web site as specializing in "contrarian" investments and "distressed" assets, and Blackstone are not involved in the transaction.

The Detroit Pistons were recently sold to Tom Gores and his Beverly Hills-based investment firm, Platinum Equity, for a reported $325 million. Gores is a native of Flint, Mich., and attended Michigan State. Harris is a graduate of the University of Pennsylvania's Wharton School of Business in Philadelphia. Apollo has offices in New York City, Purchase, N.Y., Los Angeles, Europe and Asia.

The sales agreement is subject to approval by the NBA's Board of Governors.
Comments

Since: Aug 31, 2006
Posted on: July 12, 2011 8:07 pm
 

Comcast has deal to sell Sixers to investors

Anyone who thinks the team is relocating out of Philadelphia needs their head checked for mental retardation.

Comcast is simply selling the team to align their interests in pure media ownership/delivery.

There is no need for Comcast to own a sports team when their long term corporate mission is to own and deliver media conent over the net.



Since: Jul 13, 2010
Posted on: July 12, 2011 7:59 pm
 

Comcast has deal to sell Sixers to investors

yeah they are gonna move a team out of philadelphia, one of the biggest sports markets in all of the country. can you come back to reality?? lol idiot.....



Since: Jan 11, 2007
Posted on: July 12, 2011 6:44 pm
 

Comcast has deal to sell Sixers to investors

@ Real_Zeal - they didn't sell the building because Comcast still owns the Flyers who also play there.  And as previously pointed out, there's a long term lease in place.  No one in their right mind would move the Sixers out of that sports complex and all the new centers being built in the middle of it.




Since: Aug 25, 2006
Posted on: July 12, 2011 5:47 pm
 

Comcast has deal to sell Sixers to investors

Comcast still has a TV/arena deal for at least 10 years with the 76ers. They are not going anywhere. That is why the purchase price is only $220 million (give or take a couple million) 



Since: Jan 25, 2008
Posted on: July 12, 2011 3:40 pm
 

Comcast has deal to sell Sixers to investors

It clearly says FORMER.  Learn how to read.



Since: Mar 15, 2011
Posted on: July 12, 2011 3:32 pm
 

Losing Money??

the lowly pistons were recently sold for $325 million??  Well, there goes the BS argument of the owners that all these franchises are "losing money." It doesn't take a PHD in economics to realize that a company can't sell for $325 million if it's "losing money."  But, the owners keep making up these nice stories that look good on the internet.



Since: Aug 11, 2010
Posted on: July 12, 2011 3:28 pm
 

Comcast has deal to sell Sixers to investors

Not selling the The fact that they just bought the team and not the building tells me that they will be looking to relocate out of the city.  Probably over to Jersey, Delaware, or the PA suburbs.  A major corporation already announced they would be relocating their corporate headquarters out of Philadelphia.  Why not make it two in one day.....



Since: Feb 28, 2009
Posted on: July 12, 2011 3:20 pm
 

Comcast has deal to sell Sixers to investors

Will someone please explain to me how you can sell a part of an NBA to someone who currently works for another NBA team. conflict of interest?



fuzznutz
Since: Oct 6, 2006
Posted on: July 12, 2011 2:29 pm
This comment has been removed.

Post Deleted by Administrator



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