NBA approves the Philadelphia 76ers sale deal – Basketball News
Earlier this summer, there were reports that Comcast-Spectacors has arrived at an accord for the sale of Philadelphia 76ers with Apollo Global Management, a group led by a multi billionaire Joshua Harris, for a massive $280 million.
Terms of the deal were acceded to at that time, but the only thing Joshua had to wait for, was the green signal from NBA. He achieved that this week as NBA, after taking 2-3 months, has finally given the deal their blessings.
All that remains now are few final formalities that according to a source could happen next week.
The deal includes 100 percent proprietorship of the 76ers, but no share in Philadelphia Flyers- the NHL team owned by Comcast. The Wells Fargo Centre, arena of the76ers, also remains with the previous owners, meaning that Harris
Group would need to pay the rent to use the services of arena. According to Philadelphia Inquirer:
“The NBA Board of Governors has approved Comcast-Spectacors 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 labour dispute with the NBA Players Association”
The deal has occurred at a time when NBA’s next regular season’s fate is still undecided because of the labour dispute, which has already led to the cancellation of first two weeks of the season.
The Sixers were a much improved unit last season, ending with 41-41 record, an improvement of 14 games from the last season. However, they were thrashed by Miami Heat in the first round of the playoffs. The side though is young
and is abundant of players who are on the cusp of breaking through.
Some changes in the management are expected as soon as the new owners take over. The first task on their hand would be to decide on the future of Andre Iguodala. The 27 year old forward was on the cusp of being traded before the
NBA lockout began, but the rumoured deal never materialized.
The Sixers might also look for some star players once the free agency arrives. The extended offseason thus will prove to be a blessing in disguise for the new team owners, as it will provide them with some extra time to make up
their minds.
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