On July 13, 2011, Comcast-Spectacor reached an agreement to sell the 76ers to an investment group led by Apollo Global Management co-founder Joshua Harris. Harris' group paid $280 million for the franchise. The sale did not include any ownership stake in the Flyers or in Comcast Sportsnet. Actor Will Smith (a Philadelphia native) and his wife Jada Pinkett Smith became notable minority owners. The new ownership group decided to retain head coach Doug Collins and president of basketball operations Rod Thorn. Ed Stefanski, who served as the team's general manager since 2007, was relieved of his duties.