The Washington Commanders will be led by a new ownership group once the 2023 NFL season comes calling.
According to Scott Soshnick and Eben Novy-Williams of Sportico, Daniel Snyder has reached an agreement in principle to sell the Commanders for a record $6 billion to a group led by Josh Harris.
The report goes on to indicate that Basketball Hall of Famer Magic Johnson is going to be part of the group to buy Washington.
Harris, 58, is currently the owner of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils. His group has long been considered the favorite to land the Washington Commanders from embattled owner Daniel Snyder.
When finalized, this sale will shatter the record for North American professional sports. The Denver Broncos held that standard after they sold to a group headed by Rob Walton for $4.65 billion back in August of last year. Johnson’s inclusion in the sale also isn’t too surprising.
“The former NBA star and notable sports investor was also part of Harris’s failed bid for the NFL’s Denver Broncos last year. He is providing both money and expertise to the Commanders bid, said the people, who were granted anonymity because the details are private,” report on Magic Johnson joining bid to buy the Commanders.
As for Daniel Snyder, it’s been a long and drawn out process for the embattled outgoing owner. Snyder’s organization drew a ton of criticism after widespread accusations of workplace misconduct from the highest levels down.
Forbes currently estimates that the Commanders have a team value of $5.6 billion. Snyder had originally purchased the organization back in 1999 for just $800 million.
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Washington Commanders pending sale and what it means
As noted above, the $6 billion sale will be a record once it is in fact sent to the league office for approval. There isn’t expected to be any issues as it relates to approval from the league’s other owners. A group of them have been pushing for Snyder to sell over the past calendar year or so.
In addition to the aforementioned workplace misconduct allegations, there are ongoing investigations as it relates to financial wrongdoing on the part of Daniel Snyder and the Commanders. In fact, they just settled with the Washington D.C. District Attorney’s office for $625,000 in a case surrounding season ticket deposits and refunds the Commanders failed to make.
“Rather than being transparent and upfront in their ticket sale practices, the Commanders unlawfully took advantage of their fan base, holding on to security deposits instead of returning them,” DC DA report on the Commanders.
It was previously noted that this sale could be delayed due to abnormal issues at the federal level. That includes the feds attempting to address inflation with rate hikes, impacting borrowers in the process.
As for Josh Harris, he’s said to have a net worth of $5.9 billion. In addition to Magic Johnson, others are expected to be involved in his group.
This story will be updated with more information when details become available.