Will and Jada Smith are the latest celebrities to take ownership in a professional sports team. The couple went back to Will's Philly roots and are now part owners of the NBA's Philadelphia 76ers. The team was actually sold in it's entirety to an investment group for a reported $280 million.
Get the deets below:
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.
Via: Inside Hoops and Black Sports Online
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