"Pending league approval, the Philadelphia 76ers have changed ownership for the fifth time in franchise history.

A group led by billionaire Joshua Harris, a director at Apollo Global Management LLC, has reached an agreement to buy the Sixers from Comcast-Spectacor. The ownership group also consists of David Blitzer; senior managing director of The Blackstone Group; Jason Levien, a former player agent and Sacramento Kings executive; and Art Wrubel (meet the new ownership).

Terms of the deal were not disclosed, but the sale is believed to be for $280 million. Apollo and Blackstone are not involved in the transaction; the group is making personal investments.

"We are honored to have the opportunity to be affiliated with this storied franchise," Harris said in a statement. "As a basketball fan who attended college in Philadelphia, and with family roots here, I have always felt a strong connection to this City and the 76ers. We look forward to helping the 76ers organization build on this past season's accomplishments in the years ahead. The ownership group also looks forward to a long and mutually beneficial relationship with Comcast-Spectacor."

Comcast-Spectacor will continue to own the Wells Fargo Center, of which the Sixers will remain tenants. Comcast SportsNet also has the television rights through 2029.

As a result, the buying price is significantly lower than the league record $450 million that Joe Lacob and Peter Guber paid last summer for the Golden State Warriors. According to Forbes, the 76ers are worth $330 million, 17th in the NBA.

This transaction could alter the jobs of people currently in place. Team president Rod Thorn did not want to speculate on his role under the new regime but did reiterate that he has been in communication with them."