Topline
A group led by private equity billionaire Josh Harris has agreed in principle to purchase the NFL’s Washington Commanders for $6 billion, according to multiple outlets, a deal that’s on track to end Dan Snyder’s tenure with the franchise after years of controversy.
Josh Harris agreed to purchase the Washington Commanders for $6 billion.
Key Facts
Harris, who also owns the Philadelphia 76ers and holds stakes in several NHL franchises, agreed to a deal with Snyder as part of a larger group that includes billionaire Mitchell Rales and former NBA star Magic Johnson, according to the New York Times and Sportico, citing unnamed sources.
The sale must still be approved by the NFL and 24 of the league’s 32 franchise owners before it is finalized.
Last year, Forbes estimated the Commanders were worth $5.6 billion, making it tied for the world’s eighth most valuable sports team.
The price tag is the largest ever for a sports franchise, breaking a record set by Walmart heir Rob Walton, who bought the Denver Broncos for over $4.6 billion last year.
Forbes Valuation
Harris, cofounder of the investment firm Apollo Global Management, is worth $6 billion, according to our latest estimates.
Tangent
Billionaire Jeff Bezos reportedly considered buying the franchise for several months and even tapped investment firm Allen & Company to explore a bid, though he recently decided against it. Snyder reportedly did not want to sell the franchise to Bezos because of articles about him and the franchise that appeared in the Washington Post, which Bezos owns. The Commanders subsequently denied the allegation.
Key Background
A deal to sell the Commanders follows years of controversy for the team, including allegations of sexual misconduct by team executives and Snyder, who put the franchise up for sale in the fall. The Washington Post first reported the allegations in 2020 before an investigation by the NFL resulted in a $10 million fine against the team for misconduct. A subsequent congressional investigation found that Snyder had interfered in the NFL’s probe and had suppressed evidence of sexual harassment for more than two decades. The investigation also uncovered evidence of financial malfeasance, as records indicated the Commanders had failed to return security deposits to season ticket holders. The Commanders agreed earlier this week to pay $625,000 to settle a lawsuit over failing to return the deposits, according to the D.C. attorney general’s office.
Further Reading
Dan Snyder Hires Bank Of America To Sell Washington Commanders (Forbes)
Jeff Bezos Won’t Bid On Washington Commanders After Months Of Speculation (Forbes)
Source: https://www.forbes.com/sites/tylerroush/2023/04/13/billionaire-josh-harris-buying-washington-commanders-for-record-6-billion-reports-say/