76ers officially sold to new owners

October 20, 2011 - 11:03 PM

PHILADELPHIA (AP) — The Philadelphia 76ers are under new management.

The deal to sell the Sixers to a group led by New York-based leveraged buyout specialist Joshua Harris has been completed. The Sixers are holding an 11:30 a.m. press conference Tuesday to introduce the owners. The sale ends Comcast-Spectacor's 15-year run of ownership.

The group also includes David Blitzer, Art Wrubel, and Jason Levien. Levien is a former NBA player agent and Sacramento Kings executive.

NBA Commissioner David Stern says Harris and Blitzer bring vast business experience that will greatly benefit the team as it continues to grow both on and off the court.

Harris is one of three founders of Apollo Global Management, a publicly listed alternative investment manager.