Tag:Joshua Harris
Posted on: October 19, 2011 9:58 am

New Sixers owners plan to drop ticket prices

By Matt Moore

When billionaire Joshua Harris purchased a theoretical basketball team (considering they don't actually play basketball right now), it brought some questions about the league's claims about the dismal state of affairs. After all, if Harris is investing so much in a new team along with owners in Atlanta, Detroit, and less recently Golden State, are things really that bad? Whether it's a reaction those questions or a gesture of goodwill from the new ownership, Sixers fans are about to reap the rewards. 

From Philly.com:
1. The Sixers announced lower single-game ticket prices for the upcoming season. Over 8,800 seats will be significantly reduced for single-game tickets during the 2011-12 season. The new single-game structure results in 51 percent of seating being recuded. Certain lower-level seats that were $54 last season will be $29 this upcoming season.

"We are committed to providing our fans with the most entertaining in-game experience in the NBA, and also one of the most affordable," Aron said. "At the Sixers, we want to be on the side of the fan, so in these tough economic times when family budgets are strained, we decided to dramatically lower ticket prices."
via 76ers new ownership takes stage | Philadelphia Inquirer | 10/18/2011. 

It's a good thing regardless of intent for the owners to do this. The fans have been put out more by the lockout than anyone who isn't employed by the NBA. They're the ones struggling with the economy but still wanting to give their money to teams. It's a good way to start your relationship with the city. Now we'll just have to say whether some changes to the team can make the Sixers an even better bargain. 

Posted on: September 22, 2011 4:58 pm
Edited on: September 22, 2011 5:01 pm

NBA owners make Forbes 400 richest Americans list

Posted by Ben Gollivernba-lockout

When the ongoing NBA lockout is framed as a battle between billionaire owners and millionaire players, it's often not an exaggeration.

Forbes.com released its annual list of the 400 wealthiest Americans this week, and more than a dozen NBA owners and minority owners appeared on the list, among the new school technology geniuses and old money investment titans.

The NBA's richest individual owner, according to Forbes, is Portland Trail Blazers owner Paul Allen, who co-founded Microsoft with Bill Gates, the overall richest No. 1 ranked person on the list. Allen's net worth is reported as $13.2 billion and he ranks No. 23 overall on the list. He recently decided to sell one of his private islands.

Somewhat incredibly, Allen is more than twice as rich as the next individual NBA team majority owner. In second place is Amway co-founder Richard DeVos, owner of the Orlando Magic, who is ranked No. 60 with a net worth pegged at $5 billion. 

Rounding out the top five richest individual NBA owners are Miami Heat owner Micky Arison (No. 75, $4.2 billion, Carnival Cruises), Denver Nuggets owner Stan Kroenke (No. 107, $3.2 billion, Walmart) and new Detroit Pistons owner Tom Gores (No. 159, $2.5 billion private equity). The Nuggets are operated by Kroenke's son, Josh.

The other seven NBA majority owners on the list are: Dallas Mavericks owner Mark Cuban (No. 171, $2.3 billion), Minnesota Timberwolves owner Glen Taylor (No. 242, $1.8 billion), Indiana Pacers owner Herb Simon (No. 273, $1.6 billion), Cleveland Cavaliers owner Dan Gilbert (No. 293, $1.5 billion), Memphis Grizzlies owner Michael Heisley (No. 293, $1.5 billion) Los Angeles Clippers owner Donald Sterling (No. 293, $1.5 billion) and new Philadelphia 76ers owner Joshua Harris (No. 309, $1.45 billion).

Los Angeles Lakers minority owner Dr. Patrick Soon-Shiong, who recently purchased the ownership stake previously held by Lakers legend Magic Johnson, ranked No. 39 with a net worth of $7 billion. 

Hat tip: IAmAGM.com.
Posted on: June 7, 2011 11:12 am
Edited on: June 7, 2011 6:15 pm

Report: Philadelphia 76ers sale is 'imminent'?

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."
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