Philadelphia 76ers fans were high fiving each other when it was announced a few months back that Ed Snider and Comcast-Spectactor announced they were selling the team to Joshua Harris and a team of investors. Snider was seen as a guy who loved hockey and the Flyers, and happened to own the 76ers, too.
But Snider told the Associated Press it was not easy to sell the Sixers, but that the economics of the NBA forced his hand.
“It was mostly economics,” Snider said of the decision.
“A lot,” Snider said, declining specifics. “We felt that we had given it our best shot and it was time for someone else to take over.”
This is what owners have been saying — even ones in large cities and good sports towns like Philadelphia have trouble turning a profit. The Sixers should be able to make money. Of course, they have been mediocre and dull on the floor for nearly a decade (since the Allen Iverson led run to the finals) and that has not inspired fans to pack the arena or sponsors to flock to the team. Philly fans know their sports and are not going to pay big money for uninspired fare.
The sale of the team to Harris is expected to be approved by the other owners soon.
Snider and Comcast-Spectacor did not give up control of the Wells Fargo Center building, where the Sixers are tenants. The company is focusing more on that end of the business, which shows you where it thinks the profits are to be made.