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Reports: 76ers are up for sale by The Sports Network

The Philadelphia 76ers are reportedly for sale.

The impending sale was reported by multiple outlets Tuesday, including CSNPhilly.com, which said that Comcast-Spectacor is in talks to sell the NBA franchise to an investment group led by Joshua Harris, co-founder of Apollo Global Management.

Led by chairman Ed Snider, Comcast-Spectacor bought the Sixers from Harold Katz in 1996 and also owns the NHL’s Philadelphia Flyers.

The Philadelphia Inquirer reports the sale of the team is not imminent.

The Sixers have lost their last four playoff series and have just one postseason series victory since Allen Iverson led the team to the NBA Finals in 2001.

This past season, Doug Collins guided the Sixers to a 41-41 record before losing to Miami in five games in the playoffs.

Forbes reports Comcast-Spectacor is going to sell the 76ers for between $300 million to $330 million, with the price likely to be closer to $300 million.

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Written by Joseph D'Amico on June 8, 2011 at 11:03 pm