Thursday, July 14, 2011

Sixers to get new owner...even if they don't play this year

Josh Harris

We'll, Comcast is getting out of the Sports ownership business. The mega-conglomorate has an agreement to sell the Philadelphia 76ers to billionaire businessman Josh Harris.

Harris is the primary investor in a leveraged buyout group who will take over the franchise for roughly $280 million, or $50 million less than Forbes values them.

And before the Philly fans start booing, Harris has family ties to the area and part of the agreement states the team will be a long-term tenant at the Wells Fargo Center.

Read the entire story from RIGHT HERE

This, we have been aware of for some time, though we didn't know the who it would be part. There's no reason to believe Harris won't be a good owner as we generally think individuals are much better owners than corporations.

However, Harris may not get to find out what it is like for awhile. Yes, the NBA Board of Governor's need to approve the deal, but that is probably a formality. What's more significant is the NBA lockout which may or may not have an impact on his 1st season as an owner.

And despite the Owners pleading poverty and they are losing money, owning a team must not be that bad of an investment. After all, why would someone who makes a living investing, buy something that will be losing money from the minute he takes over?

Here's some old school 76ers video:

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