Philadelphia 76ers: New Ownership Begins New Era in Philly

After transfer of ownership was made official Monday, the Philadelphia 76ers officially introduced their new ownership group to the public Tuesday.

The new ownership group led by Joshua Harris, includes former NBA agent and Sacramento Kings executive Jason Levien, and A-list celebrities Will Smith and Jada Pinkett Smith. They will be taking over from Comcast-Spectacor, owners since 1996.

Harris has an interesting background is managing partner and one of three founders of Apollo Global Management LP, a publicly listed alternative investment manager. He is a graduate of the University of Pennsylvania’s Wharton School of Business where he received his bachelor’s degree in economics, and received his MBA from Harvard Business School.

It will be interesting to see what decisions are made by this group. The more important question is, how will the new ownership group do to better the Philadelphia 76ers organization?  It sounds as if this new ownership is going to focus on developing and evaluating the young talent on the roster.

Furthermore, which of the young players (e.g. Thaddeus Young, Spencer Hawes) will return, and which ones will be moved or not re-signed?

In a related move, the new ownership group announced Ed Stefanski has been relieved of his duties as general manager of the team, with president Rod Thorn taking over that particular area.

Rod Thorn worked as an administrator with the NBA in the past, and spent time with the New Jersey Nets, before coming over to the 76ers. He looks to be the main person in charge of player and personnel decisions. It is not known at this time whether Jason Levien will be included in the area as well at some point in the near future.

In the sports world, it is not surprising to see upper management offices go thorough drastic changes and a complete overhaul with new ownership in the fold. Ed Stefanski had been with the 76ers since 2007, coming over from the New Jersey Nets, when he replaced Billy King (who has since become the GM of the New Jersey Nets).

It will be interesting to see what the team will do with Elton Brand, who has stated his desire to re-sign with the team, and Andre Iguodala's massive $13.5 million contract, which the team spent the summer trying to trade away.

The bottom line is the Philadelphia 76ers have to make some important personnel decisions—both in the front office and roster-wise—but the new group has certainly walked into a dire situation, with an uphill battle for the foreseeable future.

From MyFoxPhilly:

"

[Comcast-Spectacor chairman Ed] Snider said last month that sagging crowds and massive financial losses led Comcast-Spectacor to pitch a "for sale" sign and strike a tentative deal to sell in July.

"It was mostly economics," Snider said of the decision.

Losing money?

"A lot," Snider said, declining specifics. "We felt that we had given it our best shot and it was time for someone else to take over."

"