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SBD/September 30, 2013/Franchises
76ers Owner Harris Acknowledges Team Is In Rebuilding Phase Following New Hires
Published September 30, 2013
THE LONG VIEW: In Philadelphia, Keith Pompey wrote, "We all know the 76ers have no intention of producing a winning product this season." The 76ers "couldn't come close to contending for an NBA title even if they tried." Some will argue the 76ers are "making a mockery of the game by overhauling their roster with young and inexperienced players to get higher draft picks" in '14. Pompey: "Tanking doesn't always work. Nor do free-agent signings, trades, or draft picks. But at least the Sixers have a plan." If it works, they will "grow into an Eastern Conference contender while an already-ancient Brooklyn squad rebuilds and Miami grows old or breaks up" (PHILADELPHIA INQUIRER, 9/29).
BROTHERLY FUNDS: In Philadelphia, Joseph DiStefano wrote under the header, "Can Sixers Owner Fix Philly's Pension Mess?" The people who "cut the checks at Philadelphia's city pension system are turning over Wall Street's sofa cushions and poking around for spare change." Harris' Apollo Global Management since May 31 has been "pumping $50 million in city pension dollars, through the new Apollo Franklin Investment Fund L.P., to buy 'stressed' corporate loans, short-term financing, junk-rated debt, and other high-interest lending acts." DiStefano: "Let's hope Philadelphia's new investments play better than Harris' weak Sixers." The city's finances "can't afford a rebuilding year" (PHILADELPHIA INQUIRER, 9/29).