HoopsHype Ed Snider rumors

November 30, 2012 Updates

But Ed Snider, one of the young minority owners of the Philadelphia Eagles, had become a fan of the National Hockey League and had heard that the league was about to expand. Keeping it to himself, so that no one else in the city would bid against him, Snider secured the rights to an expansion team. A big part of Snider's presentation to the NHL was that the new team would play in a new arena, one that he would get built. But Snider could not even begin to think of building an arena until he had secured a partner, another team that would fill seats at least 30 to 35 times a year. And he had a plum in his own backyard, a 76ers team that would eventually be called the greatest team in the history of the NBA. Former Philadelphia Warriors owner Eddie Gottlieb, one of the all-time great movers and shakers in the history of the NBA, knew Snider needed help. "Eddie Gottlieb often told me in conversation that before that building can make money," recalled super statman Harvey Pollack, who served as a publicist under Gottlieb with the Warriors, "they have to have 150 dates in which the building is used during the course of a year." Philadelphia Inquirer

August 10, 2012 Updates
June 13, 2012 Updates
December 28, 2011 Updates

In the complaint, Shine claims he introduced Levien and other potential buyers to Comcast-Spectacor Chairman Ed Snider in November and December 2010. Levien was identified as a potential buyer in a written agreement between the company, Shine and Whitsitt in January, according to the complaint. Ike Richman, a spokesman for Philadelphia-based Comcast- Spectacor, didn’t immediately respond to an e-mail seeking comment on the lawsuit. BusinessWeek.com

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 13, 2011 Updates

Comcast-Spectacor agreed Wednesday to sell the 76ers to a group led by New York City billionaire Joshua Harris. The deal, worth a reported $280 million for 90 percent control, still has to be approved by the NBA’s board of governors. The deal does not include the Wells Fargo Center or the Philadelphia Flyers, although the Sixers will remain a tenant of the building. Comcast-Spectacor chairman Ed Snider will retain 10 percent of the team, but will not have control over the team’s operations. Delaware News Journal

Harris, who is worth $1.5 billion, according to Forbes magazine, is a graduate of the University of Pennsylvania’s Wharton School of Business. “We are honored to have the opportunity to be affiliated with this storied franchise,” Harris said in a press release. “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. The ownership group also looks forward to a long and mutually beneficial relationship with Comcast-Spectacor.” Delaware News Journal

Sources have put the value of the deal at $280 million for a 90 percent share of the team. Comcast-Spectacor and owner Ed Snider will retain 10 percent of the team, but will not retain operational control. Also, the deal does not include the Wells Fargo Center, which currently houses the Sixers and the NHL's Flyers. The Sixers will become a long-term tenant of the Wells Fargo Center, which should ease worries that Harris has any intention of moving the team. According to Comcast-Spectacor's press release: "The team will remain a long-term tenant of the Wells Fargo Center and will have a long-term cable broadcast agreement for its games with Comcast SportsNet Philadelphia." Philadelphia Inquirer

Now the deal must be approved by the league's board of governors. The NBA needs to approve the sale and they will be thorough in their investigation. It is difficult to say exactly how long that will take but according to Adam Silver, the NBA’s deputy commissioner, the process can be lengthy. “It's difficult to say how long the process would take before we see what the actual deal is but the process usually takes about two months,” he explained in an e-mail. “But it could be longer depending on how many background checks need to be conducted, the type of financing the buyers are using, etc. Approval does not have to be done in person but a group of owners would need to interview the buyers at some point before the board votes.” CSNPhilly.com

Comcast-Spectacor is in the final stages of negotiating terms of its sale of the 76ers to a group of investors led by New York billionaire Joshua Harris. Although multiple sources have confirmed that the deal is "not yet done," those same sources confirmed that the sale is in its final stages and that an announcement is expected any time, likely within the next two business days and even as early as Wednesday. Once the two parties have agreed on terms, the sale will go to the NBA's board of governors for approval. Despite the current NBA lockout - there is a moratorium on player movement, and communication between teams and players is barred - the sale of a franchise can still be processed. Philadelphia Inquirer

July 12, 2011 Updates

Comcast-Spectacor celebrated when they bought the Sixers in April 1996 from Harold Katz. There will be some high-fiving in the Comcast Tower in the next 48 hours to end the company’s ownership as well. “This is a great deal for Comcast,” said the source. The source said that the prospective new ownership group will remain committed to having its games televised on Comcast SportsNet for the foreseeable future, and will also remain tenants at the Well Fargo Center. Of the new owners, the source said “these guys are crazy,” to be making the deal. Philly Sports Daily

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