Reports: Philadelphia 76ers On The Verge Of Being Sold

76ers_logoSuddenly talk of cutting payroll in Philadelphia makes more sense.  

There are multiple reports out today indicating the Sixers will be sold, possibly within the week.  Sixers executives confirm talks are ongoing. 

Comcast-Spectacor and chairman Ed Snider have owned the Sixers since 1996, but an executive confirms Tuesday there are ongoing discussions about the future of the team.

The statement from Comcast-Spectacor chief operating officer Peter Luukko came in response to a report on that the Sixers are in talks to sell the team to a group led by New York-based leveraged buyout specialist Joshua Harris.

Luukko’s statement doesn’t mention a possible sale, only “discussions about the future of the team” that are confidential 

That’s very transparent code for “the team is up for sale.”  

It appears Snider will keep the Wells Fargo Center and the NHL’s Philadelpha Flyers, which he founded in 1966.  The Sixers would still play in the same building but would do so as rent-paying tenants. 

Teams often look to cut costs before a sale to make the team more attractive to buyers.  That’s why talk of an Andre Iguodala deal make a little more sense.  Expect a few more offers be thrown at Philly for the chance to pry Iquodala away.  The Boston Celtics, for example, have Ray Allen to dangle now that he exercised his player option for this upcoming season.  Would an expiring contract (and possible some cash or a pick to sweeten the deal) along with a veteran leader be enough to sway cost-conscious Philly into making a move?  Even if it’s not, I’d expect the phones to be ringing as teams try to poach a young star from a team they see as looking to save a few pennies for a new ownership group.