NBA Breaking News: Philadelphia 76ers' Sale Agreement Reached

Alec BeckmanContributor IIIJuly 12, 2011

According to CBS Sports' Ken Berger via Twitter, Comcast will be announcing an agreement to sell the Philadelphia 76ers to a group led by Joshua Harris, a director at Apollo Management, which is a private equity firm. Comcast Spectacor has owned the team since 1996.  

According to Bloomberg's Scott Soshnick on July 7, the sale is expected to be around $280 million.

Many are hoping that this new ownership will lead to a title based on a desire to win that is greater than that of the last group of owners. 

This was a good deal because the NBA was losing money, so the Harris-led group bought the team at a time where the NBA looking for ways to become more profitable.

More to come.