Comcast to purchase Snider’s stake in Flyers, will own 100 percent of team

AP
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From a press release:

Comcast Corporation announced today it has reached an agreement to purchase Ed Snider’s 24 percent stake in Comcast Spectacor. Upon closing, which is expected to occur next month, Comcast will own 100 percent of the company, including the Wells Fargo Center, Spectra businesses, and the National Hockey League’s Philadelphia Flyers. 

The transaction still has to be approved by the NHL, which has a Board of Governors’ meeting tomorrow.

Snider passed away in April at the age of 83.

“Ed was a visionary in the sports and entertainment industry and is deeply missed,” said Brian L. Roberts, Comcast’s chairman and CEO. “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.”

Comcast Spectacor is part of Comcast Corporation, which operates Comcast Cable and NBCUniversal.