According to ESPN, the Philadelphia 76ers are for sale by Comcast-Spectacor and Ed Snider.
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.
Of course, Comcast-Spectacor also owns the Philadelphia Flyers, the Wells Fargo Center, Flyers Skate Zone and about a million other companies. As far as I know, the Sixers weren’t publicly for sale, but it looks as though this is going to happen.
Snider has controlled the Sixers since 1996, but we all know his true love is with hockey and the Flyers. This would just seem like an affirmation of that belief, and it will no doubt fuel the rumors that Snider never really cared about the Sixers — even despite his many claims to the contrary.
The 76ers are valued by Forbes at $330 million, good for 17th in the NBA. They had an operating income (revenue minus expenses) in the red by $1.2 million last year. By comparison, the Flyers are valued at $301 million, good for sixth in the NHL, and their operating income was $13.3 million last year.
What would the sale of the Sixers mean to the Flyers, anyway? I’m not sure it’d mean all that much — it’s not like the basketball team is taking away any resources or attention from the Flyers or anything.
It would likely mean more money for Comcast-Spectacor though as the Sixers would lease the Wells Fargo Center from them. And of course, they’d be ridding the Sixers losses from their books.
