January 29, 2012 |
Josh Harris, the new owner of the 76ers, is happy sitting center court at almost every home game. He has the best seat in the house, and why shouldn't he? He is a billionaire and, as he sees it, he made his fortune buying companies at just the right time - down-and-out outfits, in need of a fresh approach - just like he has done with the Sixers. Sometimes it's better to be lucky than smart. In the Sixers' case, nearly all the key ingredients to success were already in place - great coach, nucleus of solid young players.
October 19, 2011 |
SINCE IT WAS announced in the middle of the summer that an investment group headed by billionaire Joshua Harris was going to purchase the 76ers from Comcast-Spectacor and chairman Ed Snider, the same question has been on the lips of most every sports fan in Philadelphia: Why? The punch line: Because he can. The real answer: Because he sees an opportunity, one similar to those he embraced with other businesses that he has turned around as he built his fortune, valued at nearly $1.5 billion by Forbes . But also one that is different, because of the scrutiny that comes with owning a team in Philadelphia.
October 18, 2011 |
IT APPEARS all the t's have been crossed and all the i's dotted, and now there will be a formal announcement that the 76ers sale has been completed. Last week, the NBA Board of Governors approved the sale of the team by Comcast-Spectacor to a group led by billionaire Joshua Harris, co-founder of Apollo Global Management. Harris grew up in the Philadelphia area and graduated from the Wharton School of Business. Today at the Palestra, the group will be introduced to the media at an 11:30 a.m. news conference.
October 14, 2011 |
Comcast-Spectacor's sale of the 76ers to a group of investors led by New York billionaire Joshua Harris is expected to close early next week, according to a source close to the situation. Terms of the sale were agreed upon in July, but the deal has been pending approval of the NBA's board of governors for more than two months. The NBA has been mired in a lockout since July 1. On Monday, the league canceled the first two weeks of the 2011-12 regular season. The new ownership group is expected to speak publicly for the first time next week, assuming the sale is officially approved, as expected.
August 2, 2011 |
Maybe we've found Joshua Harris' weakness: He doesn't have much of an outside shot. He's competitive, aggressive, strong going to the basket, solid defending, but perhaps can be allowed a little room on the perimeter. Harris, head of the investment group whose ownership of the 76ers is pending approval by the NBA board of governors, seems like a man with few weaknesses: He's a billionaire, a respected businessman, a family man, and an athlete - not necessarily listed in order of importance.
July 14, 2011 |
Joshua Harris , leader of the Wall Street group that has reached a deal with Comcast-Spectacor to buy the 76ers , is a billionaire bottom-feeder who buys damaged assets cheaply and sells them at a profit. That's how Harris, 46, who grew up in suburban Washington and graduated from Penn and Harvard, has made his bread since the end of the 1980s, when he escaped the former junk-bond giant Drexel Burnham Lambert . That was after Harris' fellow Wharton graduate Michael Milken wrecked the firm with illegal deals and went to prison.
July 14, 2011 |
The sale of the 76ers from Comcast-Spectacor and Ed Snider to an investment group led by billionaire Joshua Harris was completed yesterday, pending NBA approval and closing procedures. Here are snapshots of the four members of the group who have been publicly identified: JOSHUA HARRIS The 46-year-old billionaire and graduate of the University of Pennsylvania's Wharton School is a senior managing director at Apollo Global Management, a New York-based investment firm that went public in April, has assets valued at $70 million and specializes in leveraged buyouts.
July 13, 2011 |
Comcast-Spectacor is in the final stages of negotiating terms of its sale of the 76ers to a group of investors led by New York billionaire Joshua Harris. Although multiple sources have confirmed that the deal is "not yet done," those same sources confirmed that the sale is in its final stages and that an announcement is expected any time, likely within the next two business days and even as early as Wednesday. Once the two parties have agreed on terms, the sale will go to the NBA's board of governors for approval.
July 8, 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.
June 8, 2011 |
WHEN HAROLD KATZ sold the 76ers in 1996, they were an organization that was struggling mightily to find wins and fans to fill the seats. In came Comcast-Spectacor, chairman Ed Snider, president Pat Croce and marketing and business guru Dave Coskey. Five years later, the Sixers were battling the Los Angeles Lakers in the NBA Finals. Could the Sixers be looking at a similar resurgence with the impending sale of the team to a group led by Joshua Harris, a Wharton graduate reportedly worth $1.5 billion?