Sixers to be Bought by Owner of American Idol

Kyle Scott —  July 7, 2011 — 11 Comments

Screen shot 2011-07-07 at 2.54.18 PM
Sort of.

It's not quite that simple, but Joshua Harris, 46, the managing director and co-founder of Apollo Global Management, a private equity investment firm that owns Caesars Entertainment Corp., Norwegian Cruise Line, CKX – parent company of 19 Entertainment, which produces American Idol and So You Think You Can Dance – and others, is said to be heading a group that will purchase the Sixers for $280 million. [Bloomberg]

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-founded Apollo 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.

 

Last month, Apollo purchased CKX for $509 million, giving them owernship of not only the two FOX shows, but also the licensing rights to the names and images of Elvis Presley and Muhammad Ali, and operational control of Graceland. You see, everything is connected.

Harris is worth $1.5 billion and leading a group which includes David Blitzer, a director at Blackstone, to purchase the team.

This is 76ers basketball!

Kyle Scott

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11 responses to Sixers to be Bought by Owner of American Idol

  1. Its nice to see a fresh face, Snider never really cared about the Sixers and I hope the city can get really excited about the changes to come, The Snider reign is over and now maybe in a couple seasons, Other then Boston and NY we could easily be contenders
    -One of the 27 die-hard Sixers fans

  2. He’s insane for buying the sixers.

  3. Ed Snider said, “I’m going to sell the Sixers…and buy a goalie.”
    Stamkos or GTFOH!!
    As for the Sixers and the new suit, I could care less. The NBA product is bad, they’re locked out, and unless you’re one of the big teams you don’t matter.

  4. Does this mean Ryan Seacrest and Randy Jackson will be calling the games?

  5. His teeth are dumb.

  6. ThePhillyFlash July 8, 2011 at 7:21 am

    If I had $1.5 billion in my bank account, I wouldn’t give a rat’s behind if my teeth were dumb.

  7. Scramblin Randall July 8, 2011 at 12:21 pm

    Does this mean we will see Elvis Sixers’ jerseys?

  8. Nice topic and post, as we were just talking about what things can happen in the medicine industry.

  9. shame on you – the folks at Draft Street set us up with a free fantasy baseball game and gave away $150 in prizes last month. They also frequently host our weekly Six Pack contest. Last week, they sent along this little promotional story about about “hixvillehunk,” who turned his $60 deposit into over $20,000. Skeptical, I checked to see if this was legit, and sure enough, his name is atop the leaderboards.

  10. I met him when we came with my wife during our short trip in Philadelphia. We had a meeting and we talked in general about Philadelphia and New Jersey, where the players live, where the good schools are, we talked in general about everything. As soon as I come to Philadelphia we’ve got to disc

  11. Chase talked about Philly Financial Day – a charity event he’s taking part in with Cole Hamels, Jimmy Rollins, and Shane Victorino – the upcoming series against the Braves, his progress returning from a knee injury, and the role of veterans in talking to the young guys when they make mistakes

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