NBA News: Philadelphia 76ers Sale “Imminent”

| by Alex Groberman

According to ESPN.com, the Philadelphia 76ers will likely be sold at some point in the near future.

Comcast-Spectacor, the owner of the 76ers, is reportedly in talks with a group led by New York-based leveraged buyout specialist Joshua Harris to purchase the team. The negotiations appear to be proceeding smoothly, and according to ESPN the deal is “imminent.”

Harris -- who famously co-founded Apollo Global Management in 1990 -- is an investor in distressed properties. According to the most recent Forbes rankings, he is reported to have a net worth of approximately $1.5 billion. The same publication noted that the 76ers are valued at $330 million, a total that doesn’t even rank them among the top 15 teams in the NBA.

The 76ers were 25th in home attendance this past year, bringing in 14,700 fans per game.

Philadelphia finished the year by losing to the Miami Heat in the first round, following a 41-41 mark for the 2010-11 regular season.