The sale of the Washington Commanders took another important step Friday when the team announced it entered into a purchase and sale agreement with the ownership group led by Josh Harris, according to NFL Network’s Ian Rapoport.
*We are very pleased to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners”, Tanya and Dan Snyder said in a statement. “We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years.”
Harris, a native of Washington, D.C. who also owns the New Jersey Devils and the Philadelphia 76ers, reportedly agreed to buy the Commanders for $6 billion. Magic Johnson is reportedly a part of the ownership group as well. The NFL and team owners still need to approve the sale before it can go into effect.
“Growing up in Chevy Chase [a neighborhood of D.C.], I experienced first-hand the excitement around the team, including its three Super Bowl victories and long-term winning culture,” Harris said in the statement. “We look forward to the formal approval of our ownership by the NFL in the months ahead and to having the honor to serve as responsible and accountable stewards of the Commanders franchise moving forward.
“We look torward to running a world-class organization and making signiticant investments on and off the field to achieve excellence and have a lasting and positive impact on the community.”
(Disclosure: Josh Harris is a co-founder of Apollo Global Management, which owns Yahoo, Inc. He left the private equity firm in 2022.)
When the deal is finalized, it will end the tumultuous tenure of Snyder, who is still trying to lobby the league into limiting the release of its sexual misconduct report against him and the Commanders. Snyder has been embroiled in a myriad of investigations and controversies ever since he bought the team in 1999. Washington also hasn’t been very good during his time as owner, either.
Now, the team will look for a fresh start with new owners.