PHILADELPHIA — Philadelphia's NHL and NBA teams got new owners Tuesday in a megadeal that includes two major arenas and removes unpopular 76er owner Harold Katz.
Cable television giant Comcast Corp. agreed to team with Flyer owner Ed Snider in a sale that creates a new company that will own the Flyers, the 76ers, the teams' current arena and the one they will move into next season.
Terms were not announced, but Comcast President Brian Roberts said previous reports of a deal worth between $500 million and $600 million were erroneous.
Roberts said Comcast paid $250 million for a 66% share in the joint venture that will own the teams, the existing CoreStates Spectrum and the $210 million CoreStates Center, to be completed by September.
Spectacor, a sports and entertainment firm started by Snider, will own the remaining 34%, with Snider becoming its managing partner.
The sale of the teams is subject to approval by the NHL and NBA.
Pat Croce, a former conditioning coach for both teams, invested an undisclosed sum through Spectacor and will be the new president of the 76ers.
Katz became a target for fans tired of the 76ers' losing ways. He bought the 76ers for about $12 million in 1981 and reportedly will get about $120 million for the team.
The immediate speculation was that Comcast would form its own cable channel to produce and distribute Flyer and 76er games.