HoopsHype Joshua Harris rumors

January 29, 2012 Updates

What about criticism that Romney is facing, that Bain Capital killed companies, destroyed jobs? "Ultimately, yeah, basically, there definitely are situations where you can create value through making companies more efficient," he said. "Sometimes that means that jobs are downsized. But really, we live in a competitive world, and to make a company successful globally, sometimes that needs to be done. "And ultimately, really, the beneficiaries are the normal local firefighters, teachers, policemen, and people like that. I think over time, in any election, this will be positioned one way or another. But I feel good about what I do in terms of being good for the country." Philadelphia Inquirer

January 19, 2012 Updates

David Stern was in the Wells Fargo Center last night, and before he took his seat with 76ers majority owner Joshua Harris to watch the Sixers' overtime loss against the Denver Nuggets, he addressed the media about the state of the NBA and the Sixers. "It's fun to be here," said Stern. "It's always good to be in a place where a team is undefeated at home and the team is in first place." Philadelphia Inquirer

November 21, 2011 Updates

Sunday afternoon the hardwood was down at the Wells Fargo Center for friends of 76ers owner Joshua Harris to enjoy. Harris had a gathering at the sports arena following his running of the Philadelphia Marathon. It was the third time Harris has embarked on the 26.2 mile trek, but his first in the City of Brotherly Love. Harris completed the run in a new personal best time of 3 hours, 48 minutes. “The time is probably too important to me,” the 46-year old explained. “I ran my first marathon in 4 hours, 20 minutes, my second in 3:53 and my third in 3:48. So yes, it is important to me; it means a lot.” It meant a lot, too, that Harris could run a marathon in the city he once called home. “I decided once I made the investment in the Sixers that I love running and so I chose the Philly marathon because it would be a nice way to connect with the city,” Harris said. “Or reacquaint myself with all the areas and people.” CSNPhilly.com

November 17, 2011 Updates
October 19, 2011 Updates

The new owners were unable to address any issues about players because of the ongoing NBA lockout, although did announce that they had let go general manager Ed Stefanski and laid the brunt of the day-to-day basketball operations on president Rod Thorn and head coach Doug Collins. Aron said the management is "moving 100 miles an hour on all fronts and we will be ready with something fabulous" when the lockout ends. Philadelphia Inquirer

"You can be assured that we are interested owners and focused," Harris said. "Behind the scenes, there will be lots of debate about what we do with players, but at the end of the day, Rod is the captain of the ship. We were lucky enough to buy the third most winning franchise, a storied franchise at a time when we think we were able to get an appropriate deal . . . "The team has been less connected with its fans and as a result wasn't generating revenue and selling tickets as we think it can do. It wasn't realizing its potential. There are lots of things we can do by improving the financial situation of the team, connecting with fans, making it a great experience and we have to win. We have a team and executives very capable of doing that." Philadelphia Inquirer

October 18, 2011 Updates

So maybe the new owners of the Philadelphia 76ers, a partnership group led by buyout financier Joshua Harris, are banking on the distressed economy and the ongoing N.B.A. lockout makes this a good time to buy distressed property. The deal, which started in April, with Comcast-Spectator, was approved by the N.B.A. Board of Governors and completed Monday. The terms of the sale were not disclosed. The new ownership group, which includes minority partners such as rapper/actor Will Smith and his wife, actress Jada Pinkett-Smith, is not wasting time making changes during their first day in charge: General Manager Ed Stefanski has been fired, ticket prices have been slashed, and a new team slogan was unveiled during a Tuesday press conference in Philadelphia. Harris announced Rod Thorn will be staying as team president, and Doug Collins remains as head coach. “We were lucky enough when we bought the team to have two fantastic people doing one job,” Harris said. “We are going to stay with Rod. There are no current plans to replace Ed.” New York Times

The 76ers' new ownership team includes one of the city's favorite sons: Will Smith. Sources with knowledge of the sale agreement told ESPN.com that the ownership group that will be introduced later Tuesday includes Philly native Smith as a minority shareholder. The presence of Smith in an ownership consortium headlined by New York-based leveraged buyout specialist Joshua Harris, David Blitzer and former NBA agent and Sacramento Kings executive Jason Levien means that the Atlantic Division now houses two giants from the entertainment industry. Named by Newsweek in April 2007 as the most powerful actor in Hollywood, Smith joins the Sixers in a capacity akin to music mogul Jay-Z's role with the New Jersey Nets. And Levien is believed to be the first former agent to be part of an NBA ownership group since Lewis Schaffel served as the original managing partner of the Miami Heat. ESPN.com

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. SB Nation

The 76ers have issued a release stating they have a "major announcement" they will make tomorrow at The Palestra. As reported at the end of last week, Comcast-Spectacor's sale of the Sixers has been approved by the NBA's Board of Governors. Tomorrow's announcement will be the introduction of the new ownership group, led by New York billionaire Joshua Harris. Harris and his investment group have purchased the Sixers for approximately $280 million. Terms of the sale were agreed to in July and have been pending the NBA's approval since. Philadelphia Inquirer

October 17, 2011 Updates

A source with close ties to Comcast-Spectacor says that the deal to sell the Sixers to a group led by billionaire Joshua Harris has been completed. The deal reportedly received approval from the NBA Board of Governors late last week and they dotted the i’s and crossed the t’s Monday. Philly Sports Daily

October 16, 2011 Updates

The NBA Board of Governors has approved Comcast-Spectacor's sale of the 76ers to a group of investors led by New York billionaire Joshua Harris, an NBA source confirmed. The sale is expected to officially close early next week; the new ownership group is expected to hold a news conference, possibly as early as Tuesday. Terms of the sale were agreed upon in July: $280 million for 100 percent of the franchise. Completion of the sale has been pending league approval for more than two months while the league is mired in a labor dispute with the NBA Players Association. Philadelphia Inquirer

October 15, 2011 Updates
October 14, 2011 Updates

The organization is expected to hold a press conference in Philadelphia sometime next week to formally announce the sale. Though the NBA is currently in the midst of a lockout, Harris will now be able to fill in fans as to what his plans are with the future of the team, at least somewhat. Because of the lockout, Harris will not be alowed to discuss players or team personnel issues. One of the bigger questions surrounding the team is if current general manager Ed Stefanski will hold on to that job title. Stefanski has interviewed with the Toronto Raptors and is said to be a leading candidate for their GM position. Stefanski is held in very high regard by coach Doug Collins, who came in last season and improved the team from 27 wins to 44 in his initial season. Philadelphia Inquirer

The sale price is $280 million and does not include the Wells Fargo Center, where the team will now become a tenant. The arena will remain owned by Comcast-Spectacor, which also owns the Flyers. Harris, a co-founder of Apollo Global Management, bought the team from Comcast-Spectacor and chairman Ed Snider back in July. The new ownership also includes David Blitzer, a senior managing director of The Blackstone Group; former NBA player agent and Sacramento King executive Jason Levien; and Art Wrubel, who runs Wesley Capital in New York. Harris and Blitzer are both Wharton graduates. Philadelphia Inquirer

Comcast-Spectacor's sale of the 76ers to a group of investors led by New York billionaire Joshua Harris is expected to close early next week, according to a source close to the situation. Terms of the sale were agreed upon in July, but the deal has been pending approval of the NBA's board of governors for more than two months. The NBA has been mired in a lockout since July 1. On Monday, the league canceled the first two weeks of the 2011-12 regular season. The new ownership group is expected to speak publicly for the first time next week, assuming the sale is officially approved, as expected. Philadelphia Inquirer

September 20, 2011 Updates

By the end of the month, Comcast-Spectactor should be out of the basketball business when the NBA is expected to approve the sale of the team to buyout specialist Joshua Harris. Snider inherited one of the worst teams in the league in 1996 and had the Sixers in the NBA finals in 2001. The Sixers were mired in mediocrity for most of the last decade, and sagging crowds and massive financial losses led Comcast-Spectactor to pitch a "for sale" sign and strike a tentative deal to sell in July. "It was mostly economics," Snider said of the decision. Losing money? "A lot," Snider said, declining specifics. "We felt that we had given it our best shot and it was time for someone else to take over." MSNBC.com

July 31, 2011 Updates

Harris, head of the investment group whose ownership of the 76ers is pending approval by the NBA board of governors, seems like a man with few weaknesses: He's a billionaire, a respected businessman, a family man, and an athlete - not necessarily listed not necessarily in order of importance. He ran the 2010 New York City Marathon in a time of 3 hours, 53 minutes///, and 41 seconds///. He has five kids with his wife, Marjorie. According to Forbes, he's worth $1.2 billion. He recently attended his 20-year reunion for Harvard Business School and came across as the same guy he was when M.C. Hammer was cool and when he couldn't buy a small country: kind, down-to-earth, charming, clearly the smartest in a room filled with intelligence. Philadelphia Inquirer

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