Sam Hinky, 3601 South Broad Street, Philadelphia, Pennsylvania, 19148.

April 6, 2016.

To the equity partners of Philadelphia 76ers LP, I hope this letter finds you well.

I have been serving the sixers at your pleasure for the past 34 months.

At Tool Gawande, a surgeon at Bergamon Women's Hospital in Boston remains from afar one of my favorite reads.

He laughs that reading scientific studies has long been a guilty pleasure.

Reading investor letters has long been one of mine.

What I hope to accomplish here is to give you insight into what is transpired behind the scenes

in ways you might not have otherwise heard about.

Many of you attended our recent board meeting in New York where many of those topics were addressed.

But for all 12 of you, I hope that this provides a deeper look into what you have at your organization.

Accordingly, you should anticipate some mild cheerleading of others,

sprinkled with a healthy dose of self-legilation about things I've done wrong.

There has been much criticism of our approach.

There will be more.

A competitive league like the NBA necessitates a zig while our competitors comfortably zag.

We often chose not to defend ourselves against much of the criticism,

largely in an effort to stay true to the ideal of having the longest view in the room.

To attempt to convince others that our actions are just,

we'll serve to paint us in a different light among some of our competitors

as progressives worth emulating versus adversaries worthy of their disdain.

Call me old-fashioned, but sometimes the optimal place for your light

...