Report: Sixers sale to happen soon

Posted: July 08, 2011

Though the NBA lockout is axing any on-the-court activities, there is still much happening around the 76ers.

Bloomberg, citing two sources familiar with the negotiations, reported yesterday that a sale of the team by Comcast-Spectacor to a group headed by Joshua Harris was expected in a few business days.

Comcast-Spectacor chief operating officer Peter Luukko would not comment on any movement toward a sale, though it appears progress continues to be made. Luukko has said previously that there were "discussions about the future of the team.''

Harris, 46, is co-founder of Apollo Global Management and has an estimated net worth of $1.5 billion. According to Bloomberg, the sale price of the team will be about $280 million. The Sixers were valued this past year by Forbes magazine at $330 million.

Comcast-Spectacor, headed by chairman Ed Snider, has owned the team since 1996 and will continue to own and operate the Wells Fargo Center, where the Sixers play. It has been reported the Comcast-Spectacor would continue to own 10 percent of the team.

- Bob Cooney

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