A general view of fans in front of the Washington Commanders logo during the first half of the game 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 have closed a deal to be sold to a consortium led by private equity financier and professional sports team owner Josh Harris, the parties announced Friday.
The deal is valued at about $6 billion, according to a person familiar with the matter who declined to be named because the terms have not been made public. While the deal is still subject to NFL approval, it would surpass last year’s $4.65 billion sale of the Denver Broncos to Walmart heir Rob Walton.
“League staff and finance committee will review details of the proposed transaction in Washington,” the NFL said. “Each transaction must be voted on by the full membership with 24 of the 32 votes required to approve the sale.”
The deal comes months after team owner Dan Snyder hired investment bankers to investigate a sale, CNBC previously reported.
Despite mounting pressure, Snyder was not forced to sell the team among other owners to have him removed as owner. Snyder and the commanders have been the subject of recent probes by both the Chamber Supervisory Committee and the NFL over allegations of sexual harassment and financial misconduct.
Harris said he is determined to bring a Super Bowl title back to the franchise, which has not been in the championship game since 1992. Washington has won a total of three Super Bowls, all in the 1980s and 1990s.
“I want to express how excited we are to be considered by the NFL as the next owners of the Washington Commanders and how committed we are to delivering a championship-level franchise for this city and its fan base,” Harris said in a statement on Tuesday. Friday.
Managing Partner of the Philadelphia 76ers Josh Harris takes the field ahead of Game 1 of an NBA basketball first-round playoff series against the Brooklyn Nets, Saturday, April 15, 2023, in Philadelphia.
Dirk Hamilton | AP
Harris, who is a majority owner of the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils, teams up with NBA legend Magic Johnson and longtime business associate Mitch Rales.
The deal comes amid calls for more black ownership of NFL teams.
“I couldn’t be more thrilled to be a partner in the proposed new ownership group for the Washington Commanders,” Johnson said tweeted on Friday. “Josh Harris has assembled an amazing group that shares a commitment to not only doing great things on the field, but making a real impact in the DMV community. I am so excited to get started with executing our vision for the Commanders and our loyal fan base!”
The DMV refers to the Washington metro area, which includes the District of Columbia, Maryland, and Virginia.
Other members of the new ownership group include Michael Sapir, CEO of ProShares, and former Google CEO Eric Schmidt. There are other partners in the group that are not mentioned in the press release announcing the deal. Harris will be the main owner.
Read the full release announcing the deal:
The Washington Commanders and a partnership led by Josh Harris have entered into a purchase and sale agreement, jointly announced on Friday, May 12.
The purchase and sale agreement calls for Harris and partners to acquire the Washington Commanders from the Snyder family. The deal is subject to NFL approval and customary closing conditions.
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 Commander co-owners Tanya and Dan Snyder:
“We are very pleased to have reached an agreement to sell the Commanders franchise with Josh Harris, a resident of the area, and his impressive group of partners,” said Tanya and Dan Snyder. “We look forward to the swift completion of this transaction and support for Josh and the team in the years to come.”
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 want to express how excited we are to be considered by the NFL as the next owners of the Washington Commanders and how committed we are to building a championship-level franchise. deliver for this city and its fan base.
Growing up in Chevy Chase, I experienced firsthand the excitement surrounding the team, including the three Super Bowl wins and the culture of winning over the long haul. We look forward to the NFL’s formal approval of our property in the coming months and the honor of serving as accountable and responsible stewards of the Commanders franchise going forward.
Thank you to Tanya and Dan Snyder and the Commanders staff for their partnership and cooperation throughout the sales process.
In addition to 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. Together, these individuals and families have the collective resources and shared commitment to support our vision for the Commanders.
We look forward to running a world-class organization and making significant investments on and off the field to achieve excellence and make a lasting and positive impact on the community.