A general view of fans in front of the Washington Commanders logo in the course of the first half of a game between the Washington Commanders and the Philadelphia Eagles at FedExField Stadium on September 25, 2022 in Landover, Maryland.
Scott Taetsch | Getty’s paintings
The NFL’s Washington Commanders have entered right into a deal to be sold to a consortium led by private equity financier and skilled sports team owner Josh Harris, the parties announced Friday.
The deal is valued at around $6 billion, according to an individual aware of the matter, who declined to be named since the terms weren’t made public. While the deal continues to be subject to NFL approval, it might surpass last yr’s $4.65 billion sale of the Denver Broncos to Walmart heir Rob Walton.
“League staff and the finance committee will review the small print of the proposed deal in Washington,” the NFL said. “Each deal should be voted down by full membership with 24 of the 32 votes needed to approve the sale.”
The deal comes months after team owner Dan Snyder hired investment bankers to investigate the sale, CNBC previously reported.
Snyder was not forced to sell the team despite mounting pressure amongst other owners remove it as owner. Snyder and the Commanders have been the topic of recent probes by each House Oversight Committee and the NFL surrounding allegations of sexual harassment and financial misconduct.
Harris said he was determined to bring back the Super Bowl title to a series that had not been in a championship game since 1992. Washington won a complete of three Super Bowls, all within the Eighties and Nineties.
“I would like to express how excited we’re that the NFL considers us to be the following owners of the Washington Commanders and the way committed we’re to delivering a championship caliber franchise to this city and its fans,” Harris said in an announcement. Friday.
Philadelphia 76ers managing partner Josh Harris stands on court ahead of Game 1 of the NBA playoffs first round against the Brooklyn Nets on Saturday, April 15, 2023 in Philadelphia, Pennsylvania.
Derick Hamilton | AP
Harris, which is almost all owner of the NBA’s Philadelphia 76ers and the NHL’s Latest Jersey Devils, works with NBA legend Magic Johnson and Mitch Rales, a longtime business partner.
The deal comes amid calls for more ownership of Black NFL teams.
“I could not be more excited to be a partner within the proposed recent ownership group for the Washington Commanders,” Johnson said. tweeted on Friday. “Josh Harris has assembled an incredible group who share a commitment not only to doing great things on the pitch, but in addition to making an actual difference to the DMV community. I’m very excited to work towards realizing our vision for commanders and our loyal fans!”
The DMV refers to the Washington metropolitan area, which incorporates the District of Columbia, Maryland, and Virginia.
Other members of the brand new ownership group include ProShares CEO Michael Sapir and former Google CEO Eric Schmidt. There are other partners within the group not mentioned within the press release announcing the transaction. Harris can be the first owner.
Read the complete statement announcing the deal:
Washington Commanders and an organization led by Josh Harris entered right into a buy-sell agreement, which was jointly announced on Friday, May 12.
A buy-and-purchase agreement calls for Harris and partners to take over the Washington Commanders from the Snyder family. The deal is subject to NFL approval and customary closing conditions are met.
Below are statements from co-owners commanders Tanya and Dan Snyder and Josh Harris on behalf of the Harris owner group.
Statement from Commander Co-owners Tanya and Dan Snyder:
“We’re very happy to have reached an agreement to sell the Commanders franchise with native Josh Harris and his impressive group of partners,” said Tanya and Dan Snyder. “We glance forward to completing this transaction quickly and rooting for Josh and the team for years to come.”
Statement from Josh Harris on behalf of Harris’ ownership group:
On behalf of our entire group of homeowners – including Mitch Rales, my longtime sports business partner, David Blitzer, and Earvin Magic Johnson – I would like to express how excited we’re to be recognized by the NFL as the following owners of the Washington Commanders and the way committed we’re to to provide a championship caliber franchise for this city and its fans.
Growing up in Chevy Chase, I experienced firsthand the joy across the team, including three Super Bowl victories and a long-term winning culture. We glance forward to formal approval of our ownership by the NFL in the approaching months and the dignity of serving as responsible and accountable managers for the Commanders franchise.
Thanks to Tanya and Dan Snyder and the Commanders staff for their partnership and cooperation throughout the sales process.
As well as to Mitch, David and Magic, our remarkable group of homeowners includes local business leader Mark Ein, Lee Ainslie, Eric Holoman, Michael Li, owner of the Range Group, Morgan family, owners of Morgan Properties, Santo Domingo family, Michael Sapir, Co-Founder and CEO of ProShares , Eric Schmidt, former CEO and chairman of Google, and Andy Snyder, amongst others. Together, these individuals and families have shared resources and a shared commitment to support our vision as Commanders.
We glance forward to leading a world-class organization and making significant investments on and off the pitch to achieve excellence and have an enduring and positive impact on the community.