The Philadelphia 76ers likely will be sold to a group led by Joshua Harris, a director at Apollo Global Management LLC, in the next few business days, two people familiar with the negotiations said.
Harris will pay about $280 million, according to one of the people, who were granted anonymity because they weren’t authorized to discuss the sale publicly. Harris co-founded Apollo Management in 1990, and holds a bachelor’s degree from the University of Pennsylvania’s Wharton School of Business and a master’s degree from the Harvard Business School.
Apollo went public in March.
Comcast-Spectacor, the holding company that owns the National Basketball Association team, said a month ago that it was exploring a sale.
Harris’s group includes David Blitzer, who moved to London from New York in 2002 to create the European office of the Blackstone Group LP, the biggest private-equity firm.
Michael Preston, a spokesman for the 76ers, and Ike Richman, spokesman for Comcast-Spectacor, declined to comment. Neither Harris nor Blitzer immediately responded to e-mails seeking comment.
Comcast-Spectacor also owns hockey’s Philadelphia Flyers and the Wells Fargo Center, where both clubs play. The 76ers’ deal doesn’t include the hockey team or arena, which will still be operated by the holding company.
The 76ers finished 41-41 last season, seventh in the Eastern Conference.