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 labor dispute with the NBA Players Association.
via NBA approves sales of 76ers to Harris and partners | Philadelphia Inquirer | 10/16/2011.
Now with the sale officially approved and set to go through, the Sixers’ new owners can get to work on owning a basketball team that doesn’t play basketball, working with management who don’t have players, and getting their plan for the future together since they don’t have a present.
It’s a good thing for Sixers fans that they have new ownership around their theoretical basketball team, because if we ever get the actual league back, the Sixers are in for some big decisions regarding Andre Iguodala, Evan Turner, and Thaddeus Young. Change is good and with Ed Stefanski already looking for a new gig, it seems big changes are planned for the franchise under new leadership.
The Sixers do not kick off their season at the beginning of next month.