SBD/Issue 216/Franchises

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  • Galatioto Hired To Explore Options For 76ers

    76ers Talking With Groups
    Interested In Acquiring Team
    Comcast-Spectacor has “held negotiations to sell the [76ers] with at least two interested parties,” according to sources cited by Joe Juliano of the PHILADELPHIA INQUIRER. New Jersey-based real estate firm Kushner Companies was “one of the parties involved,” and a source said that while “talks have cooled, ... the company has not closed the door on resuming negotiations at a later time.” Kushner spokesperson Bob Sommer said that the company “is not interested in the team ‘at this time,’” though he would not comment on any prior interest in buying the club. Comcast-Spectacor Chair Ed Snider said in a statement, “We have been approached by multiple parties interested in purchasing the [76ers], particularly in the wake of recent press speculation. While this is not the first time we have received such inquiries, we have decided to engage the services of Galatioto Sports Partners ... to help us evaluate our strategic alternatives, including a sale or a new partnership. We emphasize that no decision has been made to sell the 76ers.” A source said that Comcast-Spectacor “put out feelers at least two months ago to gauge how much interest existed if the team was put up for sale.” Juliano wrote the asking price is believed to be more than the NBA-record $401M Suns Owner Robert Sarver paid for his franchise in ’04 (PHILADELPHIA INQUIRER, 8/5).

    STANDING PAT: Former 76ers President Pat Croce said that he is “not involved” with any group interested in buying the 76ers. Croce: “I am not part of any investor group attempting to purchase the team” (PHILADELPHIA DAILY NEWS, 8/7).

    Print | Tags: Comcast-Spectacor, Franchises, NBA, Philadelphia 76ers, Phoenix Suns
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