NBA approves sales of 76ers to Harris and partners

Posted: October 16, 2011

The NBA Board of Governors has approved Comcast-Spectacor's sale of the 76ers to a group of investors led by New York billionaire Joshua Harris, an NBA source confirmed.

The sale is expected to officially close early next week; the new ownership group is expected to hold a news conference, possibly as early as Tuesday.

Terms of the sale were agreed upon in July: $280 million for 100 percent of the franchise. Completion of the sale has been pending league approval for more than two months while the league is mired in a labor dispute with the NBA Players Association.

The league recently canceled the first two weeks of the 2011-12 regular-season schedule and more cancellations could follow.

The deal does not include the NHL's Flyers, also owned by Comcast-Spectacor, or the Wells Fargo Center, which currently houses both professional franchises.

The investment group includes Harris, 46, who made his fortune in private equity; Dave Blitzer; portfolio-manager Art Wrubel; and former NBA agent Jason Levien.

Stefanski update. Yahoo Sports is reporting that Sixers general manager Ed Stefanski, once considered a front-runner for the Toronto Raptors' open GM position, has "hit a snag" in his talks with the Raptors.

Stefanski is said to be exploring the open GM position with the Portland Trail Blazers.


Contact staff writer Kate Fagan at kfagan@phillynews.com or @DeepSixer3 on Twitter. Read her blog, "Deep Sixer," at www.philly.com/deepsixer

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