UPDATE JULY 13, 6:23 pm: Over at CSNPhilly.com, Dei Lynam has confirmed that a deal has been reached. She also talks about the next steps in the process.
Now the deal must be approved by the league’s board of governors. The NBA needs to approve the sale and they will be thorough in their investigation. It is difficult to say exactly how long that will take but according to Adam Silver, the NBA’s deputy commissioner, the process can be lengthy.
“It’s difficult to say how long the process would take before we see what the actual deal is but the process usually takes about two months,” he explained in an e-mail. “But it could be longer depending on how many background checks need to be conducted, the type of financing the buyers are using, etc. Approval does not have to be done in person but a group of owners would need to interview the buyers at some point before the board votes.”
July 12, 4:40 pm: We’ve been telling you it was coming for a while, not it looks like sale of the Philadelphia 76ers will come to pass in the next couple days.
So reports Ken Berger of CBS Sports (a report since confirmed by other sources).
Comcast-Spectacor has a deal in place to sell the Philadelphia 76ers to an investor group led by Joshua Harris of Apollo Global Management, LLC, CBSSports.com has learned….
David Blitzer of The Blackstone Group will join Harris as lead partner, according to sources familiar with the deal. Former player agent and Sacramento Kings executive Jason Levien also is part of the proposed ownership group, sources said. Apollo, which describes itself on its web site as specializing in “contrarian” investments and “distressed” assets, and Blackstone are not involved in the transaction.
While the price tag is not known for sure, Bloomberg suggested recently it would be about $280 million. Ed Snider has owned the Sixers, NHL’s Flyers (his real passion) and the Wells Fargo Center where they both play. This sale is for the Sixers only, not the building or any part of the Flyers.
Sixers fans should welcome the sale — Snider was a hockey guy who happened to own the NBA team. The new ownership group should bring a different level of passion to the table.