After more than 25 years at Comcast-Spectacor, president and chief operating officer Peter Luukko has stepped down.

The move was announced in a press release Monday afternoon. The company, which owns the Flyers, bought out Luukko’s interest in the company so he could “pursue other entrepreneurial activities.”

It was largely believed that Luukko would be the successor to chairman Ed Snider whenever the 80-year-old businessman retired.

“Peter has been an invaluable partner as we built Comcast-Spectacor into the phenomenal company that it has become,” Snider said in the press release. “Peter’s leadership was key in helping us build the many businesses that enabled us to become a nationally recognized leader in sports and entertainment. His passion and dedication is legendary in our industry. Peter will be missed, and we wish him the best of luck in his next phase of life.”

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