According to Forbes, sources are claiming that Comcast-Spectacor is going to sell the Philadelphia 76ers for $300 million.
Original projections had the sale price between $300 and $330 million, with the latter amount roughly equal to what Forbes valued the franchise last year.
Comcast-Spectacor bought the 76ers in 1996 for $125 million, but the team’s declining attendance and shrinking profits led to their sale.
ESPN is reporting that billionaire Joshua Harris of Apollo Capital Management is going to buy the team, but Forbes says that others remain interested in buying the franchise.
Sources are saying that the sale price of $300 million is due in part because of the 76ers cable deal with CSNPhilly that runs though 2029. Insiders suggest that whoever buys the 76ers will likely be unable to renegotiate a higher rights fee.
In addition to the cable deal, Philadelphia had an operating revenue loss of $1.2 million in 2010, the fourth time over the past five years the franchise has either had a loss or broke even.
