My day wasn't going so well...and with this news, it doesn't seem to be getting any better...
Apparently and according to ESPN.com, the Philadelphia 76ers are up for grabs, and an investment group led by Apollo Global Management's co-founder Joshua Harris, 46, is near a deal to acquire the NBA's Philadelphia 76ers from Comcast-Spectacor.
Shocking many Philadelphia basketball fans and media alike, the 76ers were not known to be on the block.
As of 2010 and according to Forbes, Apollo, founded in 1990, is reported to be worth approximately $67.6 Billion, and Harris a
It’s not clear how much the sale of the 76ers would be worth, but earlier this year Forbes also pegged the franchise’s value at $330 million, making it the NBA’s 17th most valuable team.
Over a five year period, attendance ranked in the bottom quarter of the league. And as for the 2010-2011 season the 76ers posted a slight operating loss of $1.2 million and brought in $110 million in revenue.
Other investors in the apparent 76ers deal include private-equity executive David Blitzer, who is an exec with the Blackstone Group and former NBA player agent and Sacramento Kings exec Jason Levien, ESPN reported.
Under the apparent Harris-led deal, Comcast-Spectacor, which is a unit of Comcast, would continue to operate the Wells Fargo Center, the home of the 76ers.
Check the ESPN.com video report below...
SCREAM @ ME!!!
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