The Philadelphia 76ers enjoyed a nice bounceback season in 2010-2011 under new head coach Doug Collins, making the NBA playoffs one year after winning just 27 games. Is their ownership ready to cash out?
ESPN.com reports that the Philadelphia 76ers, who were not known to be for sale, could be sold in the near future.
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."Forbes.com recently valued the 76ers at $330 million, good for No. 17 out of the NBA's 30 teams.
Harris, 46, co-founded Apollo Global Management, which invests primarily in distressed properties, in 1990. In Forbes' 2011 billionaire rankings, Harris was reported to have a net worth of $1.5 billion.
Despite playing in a fairly large market, the 76ers were 25th in home attendance, drawing 14,700 fans per game.
On its website, Apollo Global Management describes itself as "one of the world's largest alternative asset managers" with "total assets under management of $70 billion, with a team of 500 employees located in ten offices around the world."