Blog Entry

Report: 76ers sale to be done in a couple days

Posted on: July 8, 2011 5:14 pm
Edited on: July 8, 2011 5:27 pm
 
Posted by Royce Young

About a month ago, we told you that all indications were that a 76ers sale was imminent. And according to Bloomberg, it's getting even more imminent.

The Philadelphia 76ers likely will be sold to a group led by Joshua Harris, a director at Apollo Global Management LLC, in the next few business days, two people familiar with the negotiations said.

Harris will pay about $280 million, according to one of the people, who were granted anonymity because they weren’t authorized to discuss the sale publicly. Harris co-founded Apollo Management in 1990, and holds a bachelor’s degree from the University of Pennsylvania’s Wharton School of Business and a master’s degree from the Harvard Business School.

Apollo went public in March.

It will definitely be an interesting sale, especially because the league is currently locked out, claiming major losses and a system that is broken. So the price tag for the 76ers will certainly be something the union and others will have an eye on.

Forbes.com recently valued the 76ers at $330 million, good for No. 17 out of the NBA's 30 teams. The Sixers went 41-41 last season and were ushered out of the first round of the playoffs by eventual Eastern Conference champion, the Miami Heat.

Category: NBA
Comments

Since: Jul 9, 2009
Posted on: July 9, 2011 11:44 pm
 

Report: 76ers sale to be done in a couple days

The value of the Sixers likely considers the entire franchise, plus the Comcast Center (now called Wells Fargo Center),
Hold on now, BHN.  I wouldn't assume that the Sixers' value includes the building.  The Flyers also play there.  (I believe the outgoing principal Sixers owner also owns the Flyers and has long been widely believed to be more interested in the Flyers' welfare anyway.)  I don't know the building ownership details, but you indicate yourself that you've heard that "Harris's purchase . . .will not include the building."  I assume the latter is correct.



Since: Nov 27, 2006
Posted on: July 9, 2011 10:58 am
 

Report: 76ers sale to be done in a couple days

THIS sounds like an owner with really deep pockets.  Looks like we'll have a few of those "John Barry" types on our roster to save $.




Since: Feb 5, 2009
Posted on: July 9, 2011 7:43 am
 

Report: 76ers sale to be done in a couple days

hope they move.. team sux and has for years.. go from one ignorant selfish AI to an ignorant im a star scorer but have no jumper. iggy is a bumb..  for what he is paid he should be doing alot more.. he makes more then kevin durant and he is no where near his lvl



Since: Jun 13, 2010
Posted on: July 9, 2011 7:20 am
 

Report: 76ers sale to be done in a couple days

I don't think the $30million loss is exactly true. The value of the Sixers likely considers the entire franchise, plus the Comcast Center (now called Wells Fargo Center), and the cabel TV contract, also owned by Comcast.

I read on Philly.com that Joshua Harris's purchase of the Sixers will not include the building or the tv-contract. He just aquires the team. So, without that revenue stream (Comcast-Spectacor remains owner of the building and tv-contract), it remains to be seen just how creative the team could be in dealing with the players.



Since: Aug 23, 2006
Posted on: July 8, 2011 11:15 pm
 

Report: 76ers sale to be done in a couple days

Your post was well thought out and everything, but Bleacher Report is not a reputable source. The articles are written by amateurs and fan contributors, not by actually sports journalists with media access.



Since: Dec 5, 2006
Posted on: July 8, 2011 10:09 pm
 

Report: 76ers sale to be done in a couple days

It will definitely be an interesting sale, especially because the league is currently locked out, claiming major losses and a system that is broken. So the price tag for the 76ers will certainly be something the union and others will have an eye on.

the 76ers at $330 million, good for No. 17 out of the NBA's 30 teams.
Actually the $280M price tag would be a loss of $50M in only six months. The NBPA would not want to talk about this sale as the possibility of the league being broken is furthered by the sale. The seller is bailing out on a money loser.

The sale from Comcast to Joshua Harris is good news for the owners. Comcast stands to lose much more than other owners in a lost season as they are primarily broadcasters concerning NBA and there are no games and no advertising revenue. Harris is more likely than Comcast to join with other recent owners who are demanding a reasonable return on their investments.




Since: Oct 12, 2006
Posted on: July 8, 2011 8:49 pm
 

Report: 76ers sale to be done in a couple days

I hope this clears the way for Iggy to move on and hopefully Brand too.
Just saw that Iggy was the 27th best player per Bleacher Reports top 100 active NBA players. Here's that writeup:

http://bleacherreport.com/articles/

758029-nba-power-rankings-kobe-lebr

on-and-top-100-players-currently-in

-the-league/page/75

The consensus in Philadelphia is fairly split on Andre Iguodala's worth, but this man is a legitimate star no matter which way you slice it.

He might not be a dynamic scorer that fans are used to seeing from someone called a "star," but Iguodala's contributions in every facet of the game don't always show up in the box score.

He is an excellent defender, a very strong rebounder and one of the best point forwards in the league, and those are skills that make him extraordinarily valuable.

Brand was # 94 on the list. But I think this is the reason the deals with other teams keep falling thru. 76ers know what Iggy brings every game and an off night for scoring, he can make up with the rest of his stats. Short of the Sixers putting together a super friends team like so many others, I think they are too late for that collusive player arrangement. Fine by me, I'd rather see them get young talent and develop that chemistry and wind up a better NBA team. I wanted to see Portland vs Philadelphia in the Finals, that would have totally crushed the super friends teams. Reflecting back on the playoffs, the Knicks were the biggest under achievers of the super friends teams. Go figure, I really don't know what the infatuation is with the Knicks ?

As for Brand, he played well, we have to remember, Collins philosophy of team work played to the strength of the team as a unit rather than go to guys and the Sixers did as well as any of the playoff teams vs the Heat. That includes the Celtics and Bulls. Mavs obviously beat the Heat for the title, but in the East, the Heat and Bulls were the measuring sticks. I think if the Sixers draw the Hawks, Magic, Knicks or Pacers, they would've advanced to round 2.




Since: Jun 28, 2009
Posted on: July 8, 2011 8:15 pm
 

Report: 76ers sale to be done in a couple days

I hope this clears the way for Iggy to move on and hopefully Brand too.  Some contender should want to Pony up for him even if it's mid-season.  Go Sixers, Phillies, Eagles and Flyers


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