The remaining shares of the Philadelphia Flyers not owned by Comcast are being sold…to Comcast.
The Flyers ownership situation appears to be settled, as recently deceased Ed Snider’s remaining 24 percent share in Comcast Spectator properties will be purchased by Comcast, according to Sam Carchidi of Philly.com.
It will be the first time in the Flyers’ 50-year history thatthe Ed Snider family will not have any stake in ownership. Snider passed away in April after battling bladder cancer for two years. With the purchase, Comcast will own 100 percent of Snider’s Comcast Spectator, which includes the Flyers and their home arena, the Wells Fargo Center, among other assets. The deal is still pending approval from the National Hockey League, but is expected to be finalized next month according to Carchidi.
The sale was planned for awhile according to Brian L. Roberts, Chairman and CEO of Comcast Corporation.
“He planned for this transition and, thanks to his thoughtful approach on succession, Comcast Spectacor is in a strong position,” Roberts told Business Wire. “I’m very excited we are able to carry his spirit with us by bringing the company, its leadership, and its thousands of employees fully into the Comcast family.”
Will the change result in a wide-scale shakeup? No. Roberts expressed support for president Paul Holmgren and general manager Ron Hextall in the statement calling them “great leaders.”
Snider was uber-popular in Philadelphia and had his fingerprints on many successful Flyers teams. His passing was a huge loss for Philly sports, but the Flyers appear to be in good shape going forward under Comcast.
