Wharton alum Josh Harris takes over 76ers

With the Philadelphia 76ers 1982-83 NBA World Championship banner hanging behind him, Josh Harris officially announced to the city his purchase of the franchise.

It was during that banner season that Harris moved to Philadelphia to begin his freshman year at Penn. He held the event today at one of his old college haunts, the Palestra.

Watching that 82-83 season "led to a lasting impression on me," Harris said, "and led me here to this day."

"In the city of Philadelphia, we see the Palestra as a symbol of grassroots basketball," Harris said. He and new team CEO Adam Aron emphasized improving the experience of the fan, starting by slashing many ticket prices to make games more affordable.

A native of Washington, D.C., Harris graduated from Wharton in 1986. He co-founded the private equity firm Apollo Global Management, and currently sits at No. 309 on Forbes' list of the 400 richest people in America. His net worth as of Sept. 2011 was $1.45 billion, according to Forbes.com.

While Harris will remain in New York ("My night job," he called owning the Sixers), Aron will oversee the operation from his hometown of Philadelphia. A graduate of Abington High School, Aron holds a bachelor's degree and an MBA from Harvard.

Harris leads a group of 16 investors who bought the team for a reported $280 million. The group includes West Philadelphia native Will Smith and his wife Jada Pinkett Smith. The group also includes Penn grads Art Wrubel, a New York real estate investor, and Marc Leder, who runs a Florida buyout firm.

Standing under the Penn basketball banners — one hung during his time at Penn — Harris pledged to bring back the 76ers back to prominence.

"Our goal, make no mistake, is to create a world-class franchise and win NBA championships," Harris said.

That's something that hasn't happened since his freshman year of college.

See video of Harris' comments after the jump.