It appears that after decades of being owned by Dan Snyder, the Washington Commanders are about to have a new ownership group at the helm. According to Sportico, Snyder agreed in principle to sell the team to a collective led by Josh Harris, the founder of Apollo Global Management who is currently part of the ownership groups for the Philadelphia 76ers, New Jersey Devils, and Crystal Palace Football Club.
Sportico went on to mention that the group will spend $6 billion to acquire the team, and includes Magic Johnson.
EXCLUSIVE: Dan Snyder has reached an agreement in principle to sell the @Commanders for $6 billion to a group led by Philadelphia 76ers co-owner Josh Harris
Harris’ group, includes billionaire Mitchell Rales and former NBA star @MagicJohnson pic.twitter.com/ZIWKqeqtmN
— Sportico (@Sportico) April 13, 2023
Ian Rapoport of NFL Network reported that nothing has been finalized, but the two sides are “getting closer” to a deal that would come in at just under $6 billion.
Josh Harris' group is, in fact, nearing a deal to buy the #Commanders for just under $6B, sources say. Nothing is final or has been sent to the league. The bid still must be submitted and approved. But it is getting closer. https://t.co/SXVRItAh0L
— Ian Rapoport (@RapSheet) April 13, 2023
If the team ends up being sold for $6 billion, it would eclipse the previous record for an NFL team, as the Walton-Penner Family Group acquired the Denver Broncos from the estate of Pat Bowlen last year for $4.65 billion. The news of a potential sale comes one day after it was reported that Amazon founder Jeff Bezos would not submit a bid to purchase the Commanders.
Snyder purchased the franchise in 1999, and in his 23 years at the helm, Washington has made the playoffs six times. His tenure in Washington has been filled with controversy, including allegations of sexual harassment within the franchise and, most recently, a criminal investigation into the franchise’s finances by the U.S. Attorney’s office in the Eastern District of Virginia.
Back in November, Snyder announced that he enlisted BofA Securities “to consider potential transactions,” although it was unclear whether his plan was to sell the team outright or just sell a minority stake.
