Comcast Corporation announced today it has reached an agreement to purchase the late Ed Snider’s 24 percent stake in Comcast Spectacor.
Once the deal is complete, Comcast will have 100 percent ownership over an umbrella of businesses and properties. Those include the three core business of Comcast Spectacor: the Philadelphia Flyers, the Wells Fargo Center, and the Spectra businesses. Also included in that deal are Xfinity Live! venue located outside the arena and four Flyers Skate Zone arenas.
Snider, who owned the team since entering the NHL in 1967, passed away in April after a battle with bladder cancer.
The deal is pending approval of the NHL Board of Governors. They are meeting tomorrow in New York and it’s been reported that the sale of Snider’s shares will be one of the issues discussed. It is also expected that daily operations of the Flyers and the Wells Fargo Center are expected to remain the same during the sale that is expected to close next month.
“Ed was a visionary in the sports and entertainment industry and is deeply missed,” said 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. 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.”
Roberts also went on to say “Dave Scott was hand-picked three years ago by Ed to lead Comcast Spectacor and has done a terrific job as its President and CEO. He will continue in that capacity, overseeing all of the company’s various businesses. Paul Holmgren and Ron Hextall have also been great leaders of the Flyers and will remain President and General Manager respectively as the team enters its 50th season. John Page has done a terrific job as President of the Wells Fargo Center, one of the premier venues in the country that’s celebrating its 20th year, and will continue in that role.”