Jul 132011

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Comcast has deal to sell Sixers to investors

July 13 CBSSports.com

Comcast-Spectacor has a deal in place to sell the Philadelphia 76ers to an investor group led by Joshua Harris of Apollo Global Management, LLC, CBSSports.com has learned.  There was no immediate word on a sale price, which does not include the Wells Fargo Center or the NHL’s Flyers, sources said Tuesday.  David Blitzer of The Blackstone Group will join Harris as lead partner, according to sources familiar with the deal. Former player agent and Sacramento Kings executive Jason Levien also is part of the proposed ownership group, sources said. Apollo, which describes itself on its web site as specializing in “contrarian” investments and “distressed” assets, and Blackstone are not involved in the transaction.”

$160 million in escrow money to be returned to players

July 13 NBA.com

Escrow money withheld from all NBA players’ paychecks each season will be returned to them this offseason for the first time, providing a $160 million infusion of cash in the midst of the league’s labor lockout.  The escrow funds — representing eight percent of each NBA player’s salary — are held back each season to ensure that the players’ share of basketball-related income does not exceed the contractually agreed-upon percentage, currently 57 percent. This year, for the first time since the system was introduced in the collective bargaining agreement that came out of the 1998-99 lockout, the cut to players will fall short, sources with the NBA and the National Basketball Players Association confirmed.

NBPA amends unfair labor practices charge, says league canceled summer league without bargaining

July 13 SportingNews.com

The National Basketball Players Association has amended the unfair labor practices charge it filed against the NBA with the National Labor Relations Board to include an allegation that the league canceled the annual summer league without bargaining with the union, as it was required to do.  Additionally, the NBPA, in the amended charge filed with the board on July 1, said the NBA carried out its “threat” to lock players out despite there not being an impasse in the negotiations. “The NBA has asserted no (and has no) legally sufficient business justification and they have admitted in negotiations that the lockout will cost them approximately $1.5 billion per year,” the amended charge states.

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