PHILADELPHIA — When a team of Wall Street financiers bought the Philadelphia 76ers three years ago, they gave fans of the beleaguered basketball franchise reason for hope. An infusion of cash might end a decade of mediocrity, attract star players and make the 76ers relevant again.

But instead of spending lavishly on star players, the owners have employed methods honed at the private equity firms where they made their fortunes. Josh Harris, the billionaire who leads the new owners group, and his front office sized up the N.B.A. marketplace and discovered something counterintuitive: the best route to the top just might be through the subbasement.

The 76ers, turning the fundamental belief system of sports on its head, do not mind losing. A lot.

The goal is to improve their chance of getting a high draft choice, and the results have been spectacular. The 76ers are 1-17, nearly tying the league’s record for futility to start a season. The team’s first win came Wednesday night against the Minnesota Timberwolves.

A franchise that has been to more N.B.A. finals than any team other than the Los Angeles Lakers and the Boston Celtics has become a test case for what happens when the cold, hard calculations of the business world are applied to the emotionally charged landscape of professional sports.