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 12, 2006
Posted on: June 7, 2011 2:19 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

Keep in mind though the same was true for the Phils back in the 90's, early 2000's before they got good.  I remember at the Vet you could always get 700 level seats for cheap and then just move down to a better seat during the game.  I think a good attendence for the Phils during that timeframe was about 25K fans in a massive stadium.  Now you can't get tickets to games because ownership has committed to winning and the City embraces them for that.  The sixers have a nice young core that can develop but they still need that star who will lead them to the next level.  AI part 2 was supposed to do that but all he has shown is that he is a role player at best.  I would love them to go get a Dwight Howard or someone like that but I don't see it happening anytime soon.   I wish they would have cashed in on Brand's good year and traded him.



Since: Jun 7, 2011
Posted on: June 7, 2011 2:13 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

Comcast has to pay for the $4billion they just paid to have the olympics until 2020...they need cash



Since: Jan 2, 2011
Posted on: June 7, 2011 2:11 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

This is one league headed in the wrong direction...............Watch, hope the strike put it out of its missery



Since: Sep 8, 2006
Posted on: June 7, 2011 2:08 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

Move the team to Seattle or KC????? What a joke.  Do you have any idea what money and market size mean? KC and Seattle combined can't generate as much revenue as Philadelphia. You obviously don't and shouldn't run any type of business. The Sixers are still worth more than 13 other NBA teams and they are average at best. When winning they fill the arena. Clueless.



Since: Jan 21, 2008
Posted on: June 7, 2011 12:45 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

LOL.  I'm with you on that!!!!!!!!!



Since: Jun 7, 2011
Posted on: June 7, 2011 12:39 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

Move the Sixers?  What?  Even if they have low attedence there is not a chance this team or any other Philly team would ever leave.  Do you understand sports?



Since: Sep 7, 2006
Posted on: June 7, 2011 12:34 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

Can't we just sell comcast instead ?  Maybe then I can watch the philly teams on direct TV !!!!!!!!!!!



Since: Feb 1, 2007
Posted on: June 7, 2011 12:30 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

How about a Giant Cup of "No One Gives a Rats A$$"?   The NBA is a mess, the bad teams cant get better and the good teams, will find it impossible to deal with a real Hard Cap.  The league is in the crapper, so this guy must be looking to move the team.



Since: Jul 5, 2007
Posted on: June 7, 2011 12:25 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

move the team to seattle or kc

fans here only care about the eagles phils and flyers

basketball is dead in philly so please burry it already



Since: Aug 17, 2006
Posted on: June 7, 2011 12:06 pm
 

Report: Philadelphia 76ers sale is 'imminent'?

A "Buy low" expert is buying into the NBA when they are about to lock out the players because the economics of the game are "unworkable" and he might pay close to the $330 Millon that Forbes says they are worth.    Either Joshua Harris is not bery smart or the NBA finances are just fine and about to get better after the lockout and they are just telling stories about thier financial problem.   I would put my money on someone else being the dummy and not Joshua Harris.  


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