The Philadelphia 76ers to be sold

I really have to wonder if this is a move to free up money by Comcast-Spectator in an apparent bid to by NBC Universal. Regardless this is probably a very good move for basketball fans, as Comcast as not done a great job of operating this team since they bought them in 1996. They have been ok NBA owners. Ed Snider, the Chairman of Comcast, also owns the Philadelphia Flyers (his true passion) and their join home arena the Wells Fargo Center. It looks like this sale will be only for the NBA franchise with Comcast keeping control of the NHL team and the arena.

For me, it seems like a lot of NHL owners bought into the NBA because in most cities the two teams share arenas and it made good business sense. Part of the problem with the NBA is they do not have a lot of passionate owners, guys like Mark Cuban where basketball is their passion and I feel it hurts the overall product. Getting mote passionate owners will be a great way to help revive the NBA as a sport, especially after another labor dispute.

The buyers for the 76ers appear to be Joshua Harris of Apollo Global Management LLC, and David Blitzer of the Blackstone Group. We do not yet know the details of this deal, but the price is expected to be 280 million dollars. Not a bad return on Comcast’s investment of 125 million dollars made 15 years ago.