If there's smoke, there's fire, right?

All those reports of Sixers CEO Adam Aron's rumored demise appear to have been accurate. The team announced that he had stepped down from his post Monday, turning the job over to Scott O'Neil effective July 16.

 

Aron will maintain his minority share in the Sixers, while serving in a new role as Chairman and CEO of a new investment vehicle funded by members of the Sixers' ownership group. He will still be listed as co-owner and board member.

"I have enjoyed every single second of my association with the Philadelphia 76ers, and look forward to continuing to root for the Sixers as Co-Owner and Board member," Aron said. "Even so, as I look at the current investment landscape, my enthusiasm is boundless for what is to come as I commence an exciting new chapter in my career."

O'Neil is a Villanova alum (MBA from Harvard) who recently served as president of Madison Square Garden Company's three professional sports teams. According to a press release, he was the key architect in several of the largest deals in NBA history, resulting in record-setting revenue in sponsorships, tickets and suites.

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