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.