The Sixers Are Sold? Wait The Sixers Are For Sale?

7 06 2011

The sale of the Philadelphia 76ers is imminent according to reports.  Ed Snider and his Comcast-Spectacor group are reportedly selling the Sixers to a group lead by New York based leverage buy-out specialist Joshua Harris.

According to TrueHoop’s Henry Abbott

Snider and his Comcast group would retain the rights to the building and the Sixers would thus become a tenant under Comcast’s roof.  It has been well documented that the Sixers have always sort of been the step-child in Snider’s eyes, compared to his real love in the Flyers.  The group purchasing the team is lead by NY billionaire Joshua Harris, private equity executive David Blitzer and former NBA player agent and Sacramento Kings executive Jason Levien.  A group with potentially a lot of money to spend on the Sixers.

Ed Snider certainly wasn’t going to sell this team without making out like a bandit and with him keeping the stadium, the parking and all the naming rights on top of the sale of the team it seems as though Mr. Snider won’t be hurting for cash flow anytime soon.  For the investors incoming, Mr. Harris made most of his money in financial rebound projects usually reviving failed investments of others.  In a year when the NBA may be working out some of their financial woes (with potential lockout looming), such as guaranteed money and salary caps, now might be a great time to dip your toes in NBA ownership.  I can see where both sides of this deal are coming from.  Both sides potentially seem to get what they want.  Sixers fans might benefit from an ownership group that actually cares about the franchise.

Harris & Blitzer both have ties to Philadelphia as both graduated from Penn’s Wharton School of Business.  This group would become the sixth ownership group in franchise history for the 3rd most successful team in NBA regular season history behind the Lakers a& Celtics.  The Sixers are also only 1 of 3 teams to have more than 3 NBA championships.  Seems like this could be a win-win-win situation for Snider, new ownership group & all Sixers fans out there.


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