Jul 7, 2011, 6:45 PM EST
The Philadelphia 76ers likely will be sold to a group led by Joshua Harris, a director at Apollo Global Management LLC, in the next few business days, two people familiar with the negotiations said.
Harris will pay about $280 million, according to one of the people, who were granted anonymity because they weren’t authorized to discuss the sale publicly. Harris co-foundedApollo Management in 1990, and holds a bachelor’s degree from the University of Pennsylvania’s Wharton School of Business and a master’s degree from the Harvard Business School.
Apollo went public in March.
Comcast-Spectacor, the holding company that owns the National Basketball Association team, said a month ago that it was exploring a sale.
The 76ers went .500 in the regular season last year, and fell in the first round of the playoff to the eventual conference champion Miami Heat. Obviously, this would be big news if it went down, especially since someone is apparently willing to purchase a franchise during a lockout that may last for a long time.
- Sunday night NBA Grades: Rudy Gay traded to Kings, Kobe returns for Lakers 0
- Expect to see facilitator Kobe in his return to Lakers 5
- Raptors trade Rudy Gay to Sacramento for multiple players 23
- Knicks lose by 41 points at home to Celtics 24
- LeBron James likely to start at center for Eastern Conference All-Stars 10
- LeBron says Wade is “getting that Kobe deal” in next contract. Should he? (65)
- Dwight Howard frustrated with Rockets’ effort in recent losses (52)
- Kobe Bryant dunks, looks good in Lakers practice; Friday return possible (47)
- Michael Beasley finding a role, groove in Miami (44)
- The Extra Pass: Our awards at the quarter pole, plus Monday recaps (43)