Sale of NBA's Philadelphia 76ers approved

PHILADELPHIA, Oct. 18 (UPI) -- Private equity investor Joshua Harris has had his purchase of the Philadelphia 76ers approved by the NBA Board of Governors.

Harris, co-founder of Apollo Global Management, is believed to have paid about $300 million to Comcast-Spectacor for the NBA team. Comcast-Spectacor, however, retained ownership of the Wells Fargo Center and NHL's Philadelphia Flyers.

Harris agreed to buy the basketball team in July. His ownership team includes David Blitzer, a senior manager direction at The Blackstone Group, and Jason Levien, who is an executive with the Sacramento Kings.

"On behalf of my partners, I genuinely want to thank (Comcast-Spectacor Chairman) Ed Snider and Comcast-Spectacor for choosing us to steward the Philadelphia 76ers, a storied NBA franchise," said Harris. "We are excited to be writing a new chapter in Sixers lore."

The Comcast-Spectacor group had owned the Sixers since 1996.

Philadelphia was 41-41 last season and lost in the first round of the NBA playoffs.