The NBA announced early Tuesday that its owners had unanimously approved the sale of the Philadelphia 76ers to New York-based investor Joshua Harris. Word that Harris had bid to purchase the Sixers from Comcast-Spectator broke last spring, with a deal worth a reported $280 million being reached in July.
The sale approval comes in a quite odd time for the league, as the NBA lockout has been underway for 109 days. Another team, the Atlanta Hawks, is reportedly working through the sale process, albeit on a different timeline than the Sixers. Comcast's sale of the Sixers represents a 57 percent return on an initial investment made in 1996. The Sixers made one NBA Finals trip during that span, in Allen Iverson's heyday.
Harris has remained out of the public eye up until now, though a press conference is expected soon. Harris' group has said it will remain tenants of the Wells Fargo Center in Philadelphia (owned by Comcast-Spectator) and will remain a partner of Comcast Sports Philly, its local broadcaster.