A general view of fans in front of the Washington Commanders logo throughout the first half of the sport between the Washington Commanders and the Philadelphia Eagles at FedExField on September 25, 2022 in Landover, Maryland.
Scott Taetsch | Getty Images
The NFL’s Washington Commanders entered right into a deal to be sold to a consortium led by private-equity financier and skilled sports team owner Josh Harris, the edges announced Friday.
The deal is valued at roughly $6 billion, in keeping with an individual accustomed to the matter who declined to be named because the terms weren’t made public. While the deal remains to be subject to NFL approval, it will top last yr’s $4.65 billion sale of the Denver Broncos to Walmart heir Rob Walton.
“League staff and the finance committee will review details of the proposed Washington transaction,” the NFL said. “Any transaction must be voted upon by the complete membership with 24 of 32 votes needed to approve the sale.”
The deal comes months after team owner Dan Snyder hired investment bankers to explore a sale, CNBC previously reported.
Snyder wasn’t being forced to sell the team despite mounting pressure amongst other owners to have him removed as owner. Snyder and the Commanders have been the topics of recent probes by each the House Oversight Committee and the NFL surrounding allegations of sexual harassment and financial misconduct.
Harris said he is decided to bring a Super Bowl title back to the franchise, which hasn’t been to the championship game since 1992. Washington has won three Super Bowls in total, all throughout the Nineteen Eighties and Nineties.
“I would like to specific how excited we’re to be considered by the NFL to be the subsequent owners of the Washington Commanders and the way committed we’re to delivering a championship-caliber franchise for this city and its fanbase,” Harris said in a press release on Friday.
Managing Partner of the Philadelphia 76ers Josh Harris stands on the court prior to Game 1 of an NBA basketball first-round playoff series against the Brooklyn Nets, Saturday, April 15, 2023, in Philadelphia.
Derik Hamilton | AP
Harris, who’s a majority owner of the NBA’s Philadelphia 76ers and NHL’s Recent Jersey Devils, is partnering with NBA legend Magic Johnson and Mitch Rales, a longtime business partner.
The deal comes amid calls for more Black ownership of NFL teams.
“I couldn’t be more excited to be a partner within the proposed recent ownership group for the Washington Commanders,” Johnson tweeted on Friday. “Josh Harris has assembled a tremendous group who share a commitment to not only doing great things on the sector but to creating an actual impact within the DMV community. I’m so excited to get to work on executing our vision for the Commanders and our loyal fanbase!”
The DMV refers back to the Washington metro area, which incorporates the District of Columbia, Maryland and Virginia.
Other members of the brand new ownership group include Michael Sapir, CEO of ProShares, and former Google CEO Eric Schmidt. There are other partners within the group who aren’t listed within the press release announcing the deal. Harris will likely be the lead owner.
Read the complete release announcing the deal:
The Washington Commanders and a partnership led by Josh Harris have entered into a purchase order and sale agreement, it was jointly announced on Friday, May twelfth.
The acquisition and sale agreement calls for Harris and partners to accumulate the Washington Commanders from the Snyder family. The agreement is subject to NFL approval in addition to the satisfaction of customary closing conditions.Â
Please see below for statements from Commanders Co-Owners Tanya and Dan Snyder and from Josh Harris on behalf of the Harris ownership group.
Statement from Commanders Co-Owners Tanya and Dan Snyder:
“We’re more than happy to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners,” said Tanya and Dan Snyder. “We look ahead to the prompt completion of this transaction and to rooting for Josh and the team in the approaching years.”
Statement from Josh Harris on behalf of the Harris ownership group:
On behalf of our entire ownership group — including Mitch Rales, my longtime sports business partner David Blitzer and Earvin Magic Johnson — I would like to specific how excited we’re to be considered by the NFL to be the subsequent owners of the Washington Commanders and the way committed we’re to delivering a championship-caliber franchise for this city and its fanbase.
Growing up in Chevy Chase, I experienced first-hand the thrill across the team, including its three Super Bowl victories and long-term winning culture. We look ahead to the formal approval of our ownership by the NFL within the months ahead and to having the distinction to function responsible and accountable stewards of the Commanders franchise moving forward. Â
Thanks to Tanya and Dan Snyder and the staff of the Commanders for his or her partnership and cooperation throughout the sale process. Â
Along with Mitch, David and Magic our extraordinary ownership group includes local business leader Mark Ein, Lee Ainslie, Eric Holoman, Michael Li, owner of Range Group, the Morgan family, owners of Morgan Properties, the Santo Domingo family, Michael Sapir, Co-founder and CEO of ProShares, Eric Schmidt, former Google CEO and Executive Chair and Andy Snyder amongst others. Together these individuals and families have the collective resources and shared commitment to support our vision for the Commanders.
We look ahead to running a world-class organization and making significant investments on and off the sector to realize excellence and have an enduring and positive impact on the community.
