Jul 7, 2011, 6:45 PM EDT
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.
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