A full view of fans gather in front of the Washington Commanders logo during the first half of a game between the Washington Commanders and the Philadelphia Eagles at FedEx Field in Landover, Maryland, on September 25, 2022.
Scott Tetch | Getty Images
The NFL’s Washington Commanders have signed a deal to be sold to a consortium led by private equity investor and professional sports team owner Josh Harris, the sides announced Friday.
The deal is valued at about $6 billion, according to people familiar with the matter, who declined to be named because the terms have not been made public. The deal, which is still subject to NFL approval, would surpass the $4.65 billion sale of the Denver Broncos to Walmart heir Rob Walton last year.
“League staff and the Finance Committee will review the details of the proposed deal in Washington,” the NFL said. “Any transaction requires a vote by an active member who obtains 24 of the 32 votes required to approve the sale.”
The deal comes months after team owner Dan Snyder hired an investment banker to consider a sale. CNBC previously reported.
Despite mounting pressure, Snyder was not forced to sell the team among other owners to get him out of his ownership. Snyder and his commanders recent probes by both House Oversight Committee NFL over allegations of sexual harassment and financial misconduct.
Harris said he is determined to bring back the Super Bowl title to a team that hasn’t played in a championship game since 1992. Washington won a total of three Super Bowl titles in the 1980s and 1990s.
“It’s an expression of how excited the NFL is to be considering the Washington Commanders as the next owner, and how committed we are to providing this city and its fan base with a championship-worthy franchise,” Harris said. I want to,” he said in a statement. Friday.
Josh Harris, managing partner of the Philadelphia 76ers, before Game 1 of Round 1 of the NBA Basketball Playoff Series against the Brooklyn Nets on Saturday, April 15, 2023 in Philadelphia. stand on the court.
Derrick Hamilton | AP
Harris, majority owner of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils, has partnered with NBA legend Magic Johnson and longtime business partner Mitch Lares.
The deal comes amid calls for greater black ownership of NFL teams.
“I couldn’t be more excited to partner with the proposed new ownership group for the Washington Commanders,” Johnson said. tweeted on friday. “Josh Harris has assembled an amazing group who share a commitment to not only do great things on the field, but to make a real impact on the DMV community. I’m so excited.” Loyal fan base! ”
DMV refers to the Washington metropolitan area, which includes the District of Columbia, Maryland, and Virginia.
Other members of the new ownership group include ProShares CEO Michael Sapir and former Google CEO Eric Schmidt. The Group also has partners not mentioned in the press release announcing the transaction. Harris will become the primary owner.
Read the full release announcing this deal.
The Washington Commanders and the Josh Harris-led partnership have entered into a sale and purchase agreement, it was jointly announced on Friday, May 12.
The sale and purchase 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.
Please see below for statements from Commanders co-owners Tanya and Dan Snyder, as well as Josh Harris on behalf of the Harris Ownership Group.
Statement from Commanders co-owners Tanya and Dan Snyder:
“We are very pleased to have reached an agreement with Josh Harris and his incredible group of partners from the region to sell the Commanders franchise,” said Tanya Snyder and Dan Snyder. Told. “We look 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 owners, including Mitch Lares, my longtime sports business partner David Blitzer, and Irvin Magic Johnson, we are the next owners of the Washington Commanders from the NFL. I would like to express how happy I am to be considered and how much I am committed to it. We must deliver a championship-level franchise to this city and its fan base.
Growing up on the Chevy Chase, I experienced first-hand the excitement of the team, including its three Super Bowl wins and long-running winning culture. We look forward to formal recognition of our ownership by the NFL in the coming months and the honor of serving as responsible stewards of the Commanders franchise.
Thank you Tanya and Dan Snyder and the Commander staff for their partnership and collaboration throughout the sales process.
In addition to Mitch, David and Magic, our extraordinary group of owners includes local business leaders Mark Ain, Lee Ainsley, Eric Holloman, Michael Lee, Range Group owners, the Morgan family, Morgan・Properties owner, Santo Domingo family, Michael Sapia, ProShares co-founder and CEO, Eric Schmidt, former Google CEO and executive chairman, Andy Snyder. Together, these individuals and families share resources and a common commitment to supporting Commander’s vision.
We look forward to running a world-class organization, achieving excellence, and making significant investments in and out of the field to have a lasting, positive impact on our communities.
