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Scott O'Neil, shown here at a WNBA press conference, will be joining the Sixers as CEO

(Photo by Steve Hockstein/for the Star-Ledge)

After weeks of smoke, it appears the truth is finally out.

Scott O'Neil has been hired as CEO of the Sixers, the team announced on Monday. O'Neil will officially take over on July 16th. With O'Neil now in the picture, the team also confirmed that Adam Aron is out- a move that has been rumored for some time.

"I love the NBA and the game of basketball and am thrilled to be back," O'Neil said to Scott Soshnick of the Bloomberg News. "I have lived in and around Philadelphia for parts of my teens, 20s, 30s and now 40s. I am really excited to be back and get started with the Sixers. This is an incredible city that loves an underdog and that is very much what the Sixers are right now.''

Aron, who has been with the team since 2011, will become Chairman and CEO of a new investment vehicle funded by members of the Sixers ownership group. Aron also will remain a Sixers 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 in a statement. "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.

As for the new CEO, O'Neil said his relationship with the Sixers ownership group, especially Harris, is part of the reason he now calls Philadelphia home.

"The ownership group wants to win and has proven they are committed to invest the resources necessary to create a team that will have sustainable success on and off the court," O'Neil said. "Josh is smart, tough and as good a guy as he is a success. I couldn’t imagine finding a better fit for me and my family. This is going to be fun."

O'Neil has previously spent time with the New York Knicks as president of Madison Square Gardens. O'Neil had his hand in the basketball side of the business, reportedly being in the meeting where the Knicks tried to convince LeBron James to come to New York.

Follow Eliot Shorr-Parks on Twitter at @EliotShorrParks