Dan Snyder To Sell Washington Commanders For $6 Billion: Reports
Dan Snyder To Sell Washington Commanders For $6 Billion: Reports
Snyder is nearing a deal to sell the team to a group led by billionaires Josh Harris and Mitchell Rales, a person familiar with the situation confirmed to USA TODAY Sports on Thursday afternoon. The person spoke on condition of anonymity because the sale has not been completed.
Sportico first reported that the Harris Group had reached an “agreement in principle” to buy the team for about $6 billion, which would shatter the previous record sales price for an NFL franchise set by Rob Walton and Greg Penner last year. They bought the Denver Broncos for $4.65 billion.
Forbes valued Commanders at $5.6 billion.
A team spokesman said the captains were “unable to comment” on a potential sale. Spokesmen for Harris and the NFL declined to comment.
Barring any unexpected obstacles, Thursday’s news signals the end of Snyder’s rocky 24-year run as Washington’s majority owner, during which the franchise played under more team names (three) than it won playoff games (two).
Washington’s lack of success on the field and countless controversies off it have made Snyder a villain of sorts for many die-hard fans.
Harris, 58, and Rales, 66, will now look to usher in a new era. Harris is the co-founder of private equity firm Apollo Global Management and already owns two other sports franchises, the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils. Rales is the co-founder of Danaher Corporation, a Fortune 500 company that describes itself as a “global science and technology innovator.”
Josh Harris celebrates James Harden’s signing with the Philadelphia 76ers, one of two professional sports teams Harris already owns.
Notably, Harris and Rales have deep ties to the greater Washington area and attended high school there. According to Forbes, they have a combined net worth of roughly $11.7 billion.
NBA legend Magic Johnson is also known to be part of the bidding pool.
Snyder and his wife, Tanya, announced in November that they had retained the bank to “explore potential transactions” involving the commander. Given his failed pursuit of the Broncos in 2021 and his ties to the area, Harris has long been considered a serious contender to submit a winning bid.
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Houston Rockets owner Tillman Fertitta and Canadian billionaire Steve Apostolopoulos are among others known to have bid for the team, though Fertitta revealed in an interview with CNBC on Wednesday that he declined to offer more than $5.6 billion. Harris’ group and Apostolopoulos submitted bids last month.
Amazon founder Jeff Bezos has also long been rumored to be in the mix, and earlier this year he hired an investment firm to explore a potential offer. But there were reports on Wednesday that he would not submit one, essentially clearing the way for other bidders to move toward a final deal.
The parameters of a sale to Harris’ group have yet to be submitted to the NFL, according to a person familiar with the situation. And the deal will then have to be approved by three-quarters of the NFL’s owners, who will meet in Minneapolis next month.
However, given the recent controversy surrounding Snyder, the owners are expected to approve the deal.
Snyder, 58, bought the Commanders in 1999 and took full control of the team in 2021 after buying out shares held by a group of minority owners. Under his leadership, the team has been the subject of multiple investigations in recent years, including one overseen by Democrats on the House Oversight Committee and two others by the NFL.
The first of these NFL investigations, led by outside attorney Beth Wilkinson, found evidence of a toxic workplace culture within the franchise and resulted in a series of punishments. A second investigation, led by Mary Jo White, is looking into allegations of sexual harassment made against Snyder, which he denied, and of financial impropriety. This investigation is still ongoing.
