Will and Jada Smith Now Own a Piece of the Philadelphia 76ers
The question begs when they get divorced how will the ownership be split up?
Considering everything else that is going on in the world of sports you probably didn’t notice the 76ers were sold to a new ownership group. Curious they announced it during a lockout, but nothing that David Stern does these days surprises me.
Comcast-Spectacor today announced that the sale of the Philadelphia 76ers to a group led by Joshua Harris, Co-Founder of Apollo Management LP, was approved by the National Basketball Association’s Board of Governors, signifying the completion of the sale. Terms of the agreement were not disclosed.The acquisition does not include the Wells Fargo Center or the Philadelphia Flyers, which are owned by Comcast-Spectacor.
The 76ers sale price was reportedly $280 million.
The team will remain a long-term tenant of the Wells Fargo Center and will have a long-term cable broadcast agreement for its games with Comcast SportsNet Philadelphia.
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.