National Basketball Association

76ers being sold to investment group

Published Jul. 13, 2011 1:00 a.m. ET

foxsports

Pending approval from the NBA, the Philadelphia 76ers have changed ownership for the fifth time in franchise history, with Comcast Spectacor on Wednesday announcing an agreement to sell the team to an investment group led by billionaire Joshua Harris.

Harris is a managing partner at Apollo Global Management, LLC.

The terms of the deal were not disclosed but it is believed to be worth $280 million, CSNPhilly.com reported, falling well short of last year's record $450 million sale of the Golden State Warriors.

"We are honored to have the opportunity to be affiliated with this storied franchise," Harris said in a statement.

"As a basketball fan who attended college in Philadelphia, and with family roots here, I have always felt a strong connection to this City and the 76ers.

"We look forward to helping the 76ers organization build on this past season's accomplishments in the years ahead. The ownership group also looks forward to a long and mutually beneficial relationship with Comcast-Spectacor."

The deal does not include the Wells Fargo Center, home to both the Sixers and Philadelphia Flyers, in whom Comcast-Spectacor still has a controlling interest.

Comcast-Spectacor president Peter Luukko confirmed earlier this month the company was in discussions to sell the Sixers. Sports impresario Ed Snider has served as the leader of the venture that oversaw the Sixers' and Flyers' operations since 1996.

It also was reported earlier this month that Comcast's regional sports network in Philadelphia would continue to own the Sixers' media rights.