Blog Entry

Report: Philadelphia 76ers sale is 'imminent'?

Posted on: June 7, 2011 11:12 am
Edited on: June 7, 2011 6:15 pm
 
Comcast-Spectacor is reportedly in talks to sell the Philadelphia 76ers. Posted by Ben Golliver.

The Philadelphia 76ers enjoyed a nice bounceback season in 2010-2011 under new head coach Doug Collins, making the NBA playoffs one year after winning just 27 games. Is their ownership ready to cash out?

ESPN.com reports that the Philadelphia 76ers, who were not known to be for sale, could be sold in the near future.
Philadelphia 76ers owner Comcast-Spectacor is in talks to sell the team to a group led by New York-based leveraged buyout specialist Joshua Harris, according to sources. Negotiations are ongoing and a source with knowledge of the talks called a deal "imminent." 

Harris, 46, co-founded Apollo Global Management, which invests primarily in distressed properties, in 1990. In Forbes' 2011 billionaire rankings, Harris was reported to have a net worth of $1.5 billion.
Forbes.com recently valued the 76ers at $330 million, good for No. 17 out of the NBA's 30 teams.

Despite playing in a fairly large market, the 76ers were 25th in home attendance, drawing 14,700 fans per game.

On its website, Apollo Global Management describes itself as "one of the world's largest alternative asset managers" with "total assets under management of $70 billion, with a team of 500 employees located in ten offices around the world."
Comments

Since: Sep 27, 2006
Posted on: June 7, 2011 6:36 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

The Sixers owned by a New Yorker? Ugh. That hurts.



Since: Nov 3, 2006
Posted on: June 7, 2011 6:32 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

fans here only care about the eagles phils and flyers

basketball is dead in philly so please burry it already
It's obvious you've never seen the attention the college basketball teams get.



Since: Nov 3, 2006
Posted on: June 7, 2011 6:30 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

It says that Comcast is selling the Sixers.  What about the arena?  I assume Comcast will still own the building, parking revenues, piece of concessions, etc.  Those are things that makes a sports franchise valuable.  I would not be shocked if they move the Sixers.  Maybe not to another market, but I could see them going to Camden, Chester, or maybe even Wilmington Delaware. 

The arena would obviously not be a part of the deal since of the relationship with the Flyers.  If anything, Comcast could still make money from the 76ers by renting out the space in which the 76ers play.  The new owners would still get the majority of the profits, have financial control of the team and all decisions.  And of course, any rental agreement would bind the 76ers and the ownership to play there for the length of the deal.

Still, the 76ers moving?  Wouldn't surprise me, and it would be a real shame.  This is a big basketball town, but the professional team doesn't gets the short end of the stick when it comes to that.  The Big 5 and City 6 get most of the attention.



Since: Mar 15, 2011
Posted on: June 7, 2011 5:40 pm
 

mo money

the team is medicore but they will sell for $330 million? Well--so much for the idea that nba teams are losing money!!! 



Since: May 17, 2008
Posted on: June 7, 2011 5:01 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

Yeah, the 76ers' attendance isn't what they'd like it to be--but that's not synonymous with "distressed". 
I may be wrong, but I don't think the article meant to imply that the 76rs were a "distressed property" but was just pointing out that starting a company that buys distressed properties (Apollo Global Management) is how Joshua Harris made is fortune.  The article says the team would be bought by a "group led by...." Harris, not bought by Apollo Global Management itself.



Since: Jul 9, 2009
Posted on: June 7, 2011 4:34 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

And just where are they supposed to play in Chester, Zeel?  In the soccer stadium?  (Now, Camden has a nice aquarium they could play in, don't you think?  Now, as to Wilmington--I'll have to get back to you on that one.)



Since: Jul 9, 2009
Posted on: June 7, 2011 4:30 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

A value of 17th out of 30 doesn't sound "distressed"--unless most of the other teams are, as well.  In which case, isn't anyone targeting them
Yeah, the 76ers' attendance isn't what they'd like it to be--but that's not synonymous with "distressed".  Besides, the attendance will probably pick up next year.  I think that with many sports franchises, attendance tends to follow the previous year's record more than it does the current year's, because the previous year's record is part of what influences season ticket sales.
So if a sale is a real possibility, there are probably more reasons than the article discloses.



Since: Nov 7, 2010
Posted on: June 7, 2011 4:13 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

I'm surprised this article isn't blacked out.



Since: Aug 11, 2010
Posted on: June 7, 2011 2:22 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

It says that Comcast is selling the Sixers.  What about the arena?  I assume Comcast will still own the building, parking revenues, piece of concessions, etc.  Those are things that makes a sports franchise valuable.  I would not be shocked if they move the Sixers.  Maybe not to another market, but I could see them going to Camden, Chester, or maybe even Wilmington Delaware. 




Since: Sep 12, 2006
Posted on: June 7, 2011 2:21 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

Comcast also just bought NBC..they have the Cash, always did.


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