Harris and his group will pay more than $320 million to purchase the cash-strapped franchise, The Record of New Jersey reported Wednesday night.
Attorneys for both sides were putting the final touches on the deal Wednesday that would allow Jeff Vanderbeek to sell his majority ownership to Harris, according to The Associated Press.
Today, it’s being reported that the deal has been made official, per ABC News:
Philadelphia 76ers owner Josh Harris and business partner David Blitzer on Thursday bought the Devils and the lease to the Prudential Center from Jeff Vanderbeek for $320 million.
The deal was delayed roughly 15 minutes on Thursday morning because attorneys needed more time to sign off on the transfer of the financially strapped NHL team, which the league’s board of governor approved on Wednesday.
“What I am interested in is absolute success on and off the ice, and having the highest quality people and bringing the fans a great experience and winning,” said Harris, the co-founder of Apollo Global Management.
There has been some mild concern as to what’s going to go on with the Sixers basketball franchise, but Harris squashed all rumors of potential relocation (as if the NBA would even allow three teams in the New York/New Jersey area) saying the 76ers will be remaining in Philadelphia:
Harris dispelled rumors that he might consider moving the 76ers to Newark. He has a lease at the Wells Fargo Center with Comcast Spectacor, which also owns the NHL’s Flyers.
“The Sixers are staying in Philly,” Harris said.