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The Business of Hockey Discuss the financial and business aspects of the NHL. Topics may include the CBA, work stoppages, broadcast contracts, franchise sales, and NHL revenues.

OT: NBA's 76ers sales talks ongoing; UPD BOG approves sale

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Old
06-07-2011, 12:21 PM
  #1
Fugu
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OT: NBA's 76ers sales talks ongoing; UPD BOG approves sale

http://sports.espn.go.com/nba/news/story?id=6634304

Quote:
Sources: 76ers sales talks ongoing
By Henry Abbott
ESPN.com

Philadelphia 76ers owner Comcast-Spectacor is in talks to sell the team to a group led by New York-based leveraged buyout specialist Joshua Harris, according to sources.
Negotiations are ongoing and a source with knowledge of the talks called a deal "imminent."
Once the parties reach final agreement, it would become official only with approval of the league's Board of Governors.

The Sixers were not known to have been for sale.

Harris, 46, co-founded Apollo Global Management, which invests primarily in distressed properties, in 1990. In Forbes' 2011 billionaire rankings, Harris was reported to have a net worth of $1.5 billion.
...
Blitzer moved from New York to London in 2002 to create the London-based European office of the Blackstone Group, one of the largest private investment groups in the world.
As an agent, Levien represented players including Kevin Martin, Luol Deng and Udonis Haslem.

The article goes on to mention that the 76'ers would continue to play in Wells Fargo Center [Comcast-Specter owns the arena and the Flyers]. It would be interesting to know the terms of the proposed lease seeing how often this comes up in the talks about NHL teams and viability.

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06-07-2011, 12:25 PM
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every couple of years there has been rumors of comcast selling the sixers but retaining full rights to the arena. this though appears to be the strongest indication yet something will happen.

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06-08-2011, 11:48 AM
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http://www.mercedsunstar.com/2011/06...stay-away.html

Via AP: Sources say sale could happen by the end of the week.

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06-08-2011, 12:09 PM
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The NBA business is weird the sport as a whole is as popular as ever but more teams then one should think are struggling more then they should.

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06-08-2011, 07:56 PM
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Interesting last couple lines from the Philly Sports Daily on a potential sale regarding the Flyers:

Quote:
The source said that he could not foresee Comcast ever selling the Flyers.

“Comparatively speaking, one’s a gem and one’s a dog. They’re selling the dog,” the source said. “They’ll never sell the Flyers.”
http://phillysportsdaily.com/sixers/...ll-the-sixers/

Obviously Snider plays a role in that and the Flyers are basically his baby.

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06-08-2011, 10:24 PM
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At least two other sales of the Sixers have fallen through. A bit surprising, but only because it's been under wraps.

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07-13-2011, 09:22 PM
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http://www.tsn.ca/nba/story/?id=371681

Quote:
The 76ers are poised for a new owner after Comcast-Spectacor has announced an agreement to sell the NBA team to a group led by leveraged buyout specialist Joshua Harris, a co-founder of Apollo Global Management LLC.

In a statement Wednesday, Comcast-Spectacor did not say how much the deal was worth, but said the acquisition does not include the Wells Fargo Center or the NHL Flyers.

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10-14-2011, 03:58 PM
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http://www.tsn.ca/nba/story/?id=378082

NBA BOG approves sale to Harris.

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10-14-2011, 06:05 PM
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I'd be real interested in hearing the price...

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10-14-2011, 06:26 PM
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Quote:
Originally Posted by Dado View Post
I'd be real interested in hearing the price...
I hear you. It would be interesting fodder in relation to the current CBA negotiations that's for sure...

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10-14-2011, 06:33 PM
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Why are they selling the Sixers? I know they havent been doing well lately but still.

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10-14-2011, 06:58 PM
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Being reported the team was sold for $280-300 million.

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10-18-2011, 07:34 PM
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How come the Flyers draw, are popular, and spend money, but the Sixers with the same owner don't and actually were sold?

Does Snider just hate basketball? Will this sale really help the Sixers?

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10-18-2011, 09:01 PM
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Quote:
Originally Posted by Hochuli View Post
How come the Flyers draw, are popular, and spend money, but the Sixers with the same owner don't and actually were sold?

Does Snider just hate basketball? Will this sale really help the Sixers?
nothing changes, it just means CS becomes the landlord, instead of operating both franchises..... same thing happens in Boston..

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10-18-2011, 09:18 PM
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Quote:
Originally Posted by Hochuli View Post
How come the Flyers draw, are popular, and spend money, but the Sixers with the same owner don't and actually were sold?

Does Snider just hate basketball? Will this sale really help the Sixers?

I think Snider is the opposite of what the Atlanta ownership group was in the Hawks/Thrashers case. His primary interest was the Flyers. He probably also didn't want to absorb the costs for an NBA lockout, if I had to guess.

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10-18-2011, 10:38 PM
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CHRDANHUTCH
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Quote:
Originally Posted by Fugu View Post
I think Snider is the opposite of what the Atlanta ownership group was in the Hawks/Thrashers case. His primary interest was the Flyers. He probably also didn't want to absorb the costs for an NBA lockout, if I had to guess.
Snider hasn't been running the Flyers, it's the snake that replaced him, in Jeffrey Lukko, hence why the Phantoms are temporarily in Adirondack, why Philly Live was proposed and the Spectrum is demolished, All Snider is IS chairman of CS....

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