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Philadelphia 76ers Sale Nearing Completion

The sale of the 76ers to an investment group led by Joshua Harris, originally announced back in July, appears to be nearing finalization by the league.

A source with knowledge of the situation has informed SBNation Philly that the sale of the Sixers to an investment group led by Joshua Harris is expected to be finalized shortly, perhaps by as early as next week.

Reiterating the terms of the deal, an investment group led by Joshua Harris from Apollo Management Group is buying 100% of the Sixers for a rumored $280 million from Comcast-Spectacor, without gaining either the Flyers of the Wells Fargo Centers, of which the Sixers will now be long term tenants of. The investment group also includes Art Wrubel, of Wesley Capital, Jason Levien, formerly a player agent and executive with the Sacramento Kings, and David Blitzer, an executive at the Blackstone Group. These are all personal investments, and would not include involvement from any of the aforementioned entities.

Adam Aron, formerly of World Leisure Partners, Vail Resorts and Norwegian Cruise Line, has been pegged as the new CEO of the Sixers.

The deal has been rumored since early June and agreed in principle since early July. Comcast-Spectacor bought the Sixers in 1996 for $130 million.