Sixers deal complete

July, 13, 2011
7/13/11
6:49
PM ET
Arnovitz By Kevin Arnovitz
ESPN.com
Archive
Kate Fagan of the Philadelphia Inquirer reports that the sale of the Sixers is now complete to an investment group headed by leverage buyout and hedge fund specialist Joshua Harris, Blackstone's David Blitzer, former player agent and Sacramento Kings executive Jason Levien and portfolio manager Art Wrubel:
Sources have put the value of the deal at $280 million for a 90 percent share of the team. Comcast-Spectacor and owner Ed Snider will retain 10 percent of the team, but will not retain operational control. Also, the deal does not include the Wells Fargo Center, which currently houses the Sixers and the NHL's Flyers.

The sale valuates the Sixers at approximately $308 million, 137 percent higher than the sale price of the team in 1996 to Comcast.

That's not a bad return on your equity over 15 years, even with some operating losses.

For what it's worth, Forbes valued the Sixers at $330 million in its most recent team valuations.

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