Philadelphia 76ers is on the verge to be sold to Joshua Harris: NBA Update
The league is in a lockout situation but some new developments are likely to happen in next few days. The Philadelphia 76ers is on the verge to be sold to Joshua Harris who is a director at Apollo Global Management Global LLC.
Harris has shown interest to buy the Sixers from its current owners Comcast-Spectacor. A inside source has also confirmed about the expected deal between Comcast-Spectacor and a group led by Harris and has narrated it as “imminent”.
The Apollo Global Management Global LLC is a New York based company which specializes in leveraged buyouts and Harris is organizations’ backbone at the moment. Harris is a co founder of that particular company and leading this
company since 1990. He is graduated from the University of Pennsylvania while he did his masters from Harvard Business School.
Joshua Harris has plans to buy the Sixers for about $280 million. According to Forbes’ survey, the 76ers value is about $330 million. Many basketball experts have objected that the price proposed is too low for a National Basketball
Association (NBA) team, which is the biggest basketball league in the World. They are relating this deal with the Warriors deal. Last year the Golden State Warriors were sold for a record price of $450 million to Joe Lacob and Peter Guber and the Philadelphia
is certainly as lucrative a franchise, if not more.
However, the Philadelphia 76ers team president Rod Thorn told the media three weeks ago that his management is in constant contact with the potential buyers of their franchise. He calmed down many speculators who were saying expected restructuring of the
management after the takeover of new owners. Although he briefly explained his point of view, but things remain unclear. Thorn said, “They have questions about how we do things, why we do things, what we think of our personnel, what we think we need. Those
types of information-type questions, At this point, that's not being divulged as to exactly how they stand or how they will operate, because until they actually take over there isn't a lot to do about that or say about that."
Though the Comcast-Spectacor is selling their basketball franchise, but they are not selling the two main sources of revenues to the Apollo Group. The Wells Fargo Centre and a Sports Television Network the Comcast Sportsnet is
also owned by the company. The Sixers basketball arena, the Wells Fargo Centre and the Sixers Television rights which runs through 2029 to Comcast Sportsnet. The current 76ers owners are sports and entertainment based company and this company also owns a National
Hockey League team, the Philadelphia Flyers.
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