Philadelphia 76ers Purchased by Group Led by Joshua Harris
October 18, 2011
National Basketball Association (NBA) team the Philadelphia 76ers have been bought from Comcast-Spectacor by a group led by Joshua Harris after having been approved by the NBA’s Board of Governors.
“My partners and I are thrilled to have become owners of the Sixers,” said Harris. “It is an honor to be a part of this storied franchise – we have a lot of work to do but we have a rich history, a strong foundation and a bright future. My partners and I want to thank Ed Snider and the Comcast-Spectacor team for all their efforts to make this outcome possible. As we move forward, we want to build on the team’s momentum and be world class and cutting edge in everything we do.”
The new owners have named Adam Aron, a native Philadelphian and the former Chairman and Chief Executive Officer of Vail Resorts, Chief Executive Officer of the Philadelphia 76ers.
Harris said: “Adam is a superb executive with deep and broad experience, and we are very pleased he will be returning to Philadelphia as CEO of the Sixers and a member of our ownership group. Adam and I both have strong ties to the Delaware Valley, and we are committed to providing an exciting, high-quality experience to the great fans in Philadelphia in the years ahead.”
Aron added: “Being named CEO of the Philadelphia 76ers is truly a dream come true. Having grown up in Abington, I have always been a fan of this team. I’m excited about celebrating and building on the extraordinary heritage of the 76ers, the third winningest team in NBA history. We will work tirelessly to make Philadelphia sports fans proud.”
The investor group is led by Harris, who will serve as Managing Owner of the 76ers and as the team’s Governor on the NBA Board of Governors. Other investors include David Blitzer, who will serve as Co-Managing Owner and an Alternate Governor of the NBA, CEO Adam Aron who will also serve as an Alternate Governor of the NBA, Martin Geller, David Heller, Travis Hennings, James Lassiter, Marc Leder, Jason Levien, Michael Rubin, Will Smith & Jada Pinkett Smith, Handy Soetedjo, Erick Thohir and Art Wrubel, all of whom have made personal investments in the team.