<div class="quote_poster">Quote:</div><div class="quote_post">A local group hoping to purchase the 76ers has decided to pull out of active bidding for the team, according to a person with knowledge of the negotiating process. Ian Berg and Wayne Kimmel, two managing directors for ETF Venture Funds, a venture capital fund specializing in funding technology and health care companies, opted late Friday night to abandon their bid to buy the team, the person said. Their King of Prussia-based group had been one of five finalists pursuing the team from its parent company, Comcast Spectacor. That leaves four groups in the running to buy the team, including one that includes former Sixer and Hall of Fame forward Julius Erving. Erving's group, according to another person, also includes entertainer and Philadelphia native Will Smith. The Berg-Kimmel group is not expected to join any of the remaining groups, according to the person. The person said it is expected that two finalists will be selected by the end of the month, with a winner chosen - pending league approval - by the end of the calendar year. The person indicated Friday that the winning bid is likely to exceed $400 million. The NBA purchase record is $401 million, by Robert Sarver, who bought the Phoenix Suns and other sports properties in 2004. Eight groups initially submitted bids to Galatioto Sports Partners, the sports investment firm that is handling the proposed sale for Comcast. That number was reduced to five in the last couple of weeks after financial due diligence on each of the groups was completed. Each of the four remaining groups, according to another source, is capable of closing the sale on its own. Despite the enormous price, there is still a belief that the 76ers can become a profitable enterprise, given Philadelphia's size as a media market and the team's history. </div> Link Will Smith and Dr. J still have a shot..........
<div class="quote_poster">Air Fresh Wrote</div><div class="quote_post">I'd love to see either Will Smith or Dr.J as the teams new owner.</div> Aren't they in the same bidding group anyway?
Will Smith Involved In Potential Philadelphia 76ers Purchase <div class="quote_poster">Quote:</div><div class="quote_post">Actor/rapper Will Smith could be the latest entertainer to hold a stake in a professional basketball team. The Philadelphian is among a set of investors interested in purchasing the Philadelphia 76ers from Comcast-Spectacor, according to The Philadelphia Daily News. The group, which was assembled by basketball legend Julius "Dr. J" Erving, would like to have a meeting with officials from Comcast in the near future, a source told the newspaper. Erving played 11 of his 15 professional seasons with the 76ers before being inducted into the Naismith Memorial Basketball Hall of Fame in 1993. The collective faces competition from another group that met with Comcast last month and has since held informal discussions. In addition to signing nondisclosure agreements, those looking to buy the team are advised to contact Galatioto Sports Partners, a New York-based sports investment firm hired by Comcast. Recent speculation suggests that owners could ask for as much as $450 million for the Sixers, the Daily News reports, adding that the amount would represent the largest price in league history. Despite the interest, current owners emphasize that "no decision has been made to sell the 76ers." "We have been approached by multiple parties interested in purchasing the Philadelphia 76ers, particularly in the wake of recent speculation," said chairman Ed Snider in a statement released in August. "While this is not the first time we have received some inquiries, we have decided to engage the services of Galatioto Sports Partners, an industry-leading sports-investment firm, to help us evaluate our strategic alternatives, including a sale or a new partnership." If a deal is struck, Smith will join fellow rappers Jay-Z and Nelly and R&B singer Usher as co-owners of an NBA franchise.</div> Source
