June 08, 2022
Kate Frese/for PhillyVoice
PHILADELPHIA, PA- JANUARY 04: Philadelphia 76ers owner Josh Harris stands on the sideline during the game against the Charlotte Hornets at Wells Fargo Center on January 04, 2021 in Philadelphia, Pennsylvania.
The Broncos sold for $4.65 billion? Had Josh Harris known that, he totally would've bought the team for $5 billion!
Rich people problems, you know?
Instead, the Broncos will be given to the heir of the Walmart fortune pending approval from the rest of the NFL's owners, and Harris, for the time being, will have to stick with owning the Sixers, the New Jersey Devils, and a stake in the Premier League's Crystal Palace F.C.
Such a shame (yes, I'm being sarcastic).
So what happened here? How come Harris didn't just put up the $5 billion if that would've been more than enough?
According to Mike Florio over at ProFootballTalk, Harris didn't want to get into a bidding war with Walmart money.
"Per a source with knowledge of the dynamics, 76ers co-owner Josh Harris made it clear to those involved in the process that his group would pay $5 billion for the team, if they knew that $5 billion would get the deal done. However, Harris was not given that assurance.
"His concern was that the Walton-Penner group would trump the bid, and would continue to do so until it secured the team. That’s one of the basic realities of an auction, whether it’s for an NFL franchise or JFK’s golf clubs." [NBC Sports/ProFootballTalk]
Harris, Florio reports, intends to pursue another NFL franchise now that he knows $5 billion is enough to get him one thanks to the sale of the Broncos setting the precedent. As for what team that might end up being, it's too early to tell.
Harris, and business partner David Blitzer, bought the Sixers from Comcast Spectacor in 2011 for $280 million, then bought the Devils two years later for $320 million.
In 2015, Harris and Blitzer each bought a stake in Crystal Palace, then acquired a minority stake in the Pittsburgh Steelers in 2020, which would have to be sold off should Harris eventually gain control of a franchise in full.
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