PHILADELPHIA, July 13 (UPI) -- A deal to sell the Philadelphia 76ers to new owners has been completed, current owner Comcast-Spectacor announced Wednesday.
The company said it reached an agreement to sell the team to an investment group headed by Joshua Harris, the co-founder of Apollo Global Management.
The sale, which is expected to close this year, must be approved by the NBA Board of Governors.
Comcast-Spectacor didn't reveal the terms of the deal but Forbes reported the team was likely to fetch between $300million and $330 million.
"As a basketball fan who attended college in Philadelphia, and with family roots here, I have always felt a strong connection to this city and the 76ers," Harris said.
Also among the new ownership group are David Blitzer, an executive with The Blackstone Group, Art Wrubel and Jason Levien.
Comcast-Spectacor purchased the Sixers from Harold Katz in 1996.
The team compiled a 41-41 this season before losing to Miami in the playoffs.
