Comcast to Buy Out Ed Snider’s Stake in Flyers
Comcast will buy out Ed Snider‘s 24 percent stake in Comcast Spectacor next month, gaining full ownership of the Philadelphia Flyers, the Wells Fargo Center and the hospitality and entertainment division, Spectra.
Ed Snider created Spectacor in 1974 to combine the two related things he owned, the Flyers and the Spectrum, into one umbrella company. Comcast bought 63 percent of Spectacor in 1996; Snider remained as chairman with a minority ownership stake.
“Ed was a visionary in the sports and entertainment industry and is deeply missed,” Comcast Chairman/CEO Brian Roberts said in a release. “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.”
The NHL Board of Governors is slated to review the sale of Snider’s Comcast shares to the Flyers at its meeting tomorrow in New York City. It won’t be an issue. Dave Scott will remain CEO, Ron Hextall will remain general manager and John Page will remain president of the Wells Fargo Center.
“Comcast Spectacor has had a terrific partnership with Comcast and Brian for more than 20 years,” Scott said. “This transition strongly reinforces their confidence in us and our experienced leadership team. We look forward to building on Ed’s vision and further growing Comcast Spectacor as a leader in the sports and entertainment industry.”
Spectacor has expanded since Comcast bought in. It entered property management in 2000, and now manages more than 500 properties. Comcast Spectacor also runs ticketing, food service and event management services. In addition to the Flyers, it owns four Flyers Skate Zones in Southeastern Pennsylvania and South Jersey, and is a partner in Xfinity Live! A release from Comcast says “there are plans for additional development in the sports complex area in the coming years.”
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