After reportedly wrapping up earlier this week, the sale of the Philadelphia 76ers to a group of investors led by New York billionaire businessman Joshua Harris is now official. The NBA Board of Governors will soon decide whether to approve the sale.
According to the Inquirer's Kate Fagan, a 90 percent share of the the team was sold to Harris and company for $280 million, a bit less than they'd been valued by Forbes. Comcast-Spectacor and Ed Harris, the team's previous majority owners, will hang on to a 10 percent slice.
In a statement, Harris had this to say:
As a basketball fan who attended college in Philadelphia, and with family roots here, I have always felt a strong connection to this City and the 76ers. We look forward to helping the 76ers organization build on this past season's accomplishments in the years ahead.