Not first time 76ers face uncertain future

Posted: June 07, 2011

Comcast-Spectacor almost sold the 76ers in 2006.

In November of that year, Comcast-Spectacor chairman Ed Snider said the company could have received a price in excess of the NBA record of $401 million that Robert Sarver paid for the Phoenix Suns and other properties in 2004.

As it turned out, the company pulled the Sixers off the market and retained control of the team. Eight parties were believed to have submitted bids initially at that time. The number sunk to four and then a final two, a source said at that time.

In November, 2006, Snider said he wasn't surprised by the interest in the Sixers at that time.

"Someone once told me that owning a franchise is like owning a work of art," he said. "It hangs on the wall and you don't make any money from it, but its value increases as time goes on. And that's the way it is owning a franchise. There are only 30 of these, and they are very coveted.

"I knew there would be interest. We could have easily sold the team. I love the Sixers, and I love basketball. Personally, I'm very happy the decision is final. It's comforting to know that all of us have the attitude that we can get through whatever economic issues there are and make it work. "

Comcast-Spectacor purchased the Sixers from Harold Katz on April 24, 1996, for $130 million. Pat Croce was part of the group and became team president, supervising the rebuilding of a club that reached the 2001 NBA Finals under coach Larry Brown.


Contact staff writer Gary Miles

at 215-854-4487 or gmiles@phillynews.com.

 

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