The Washington Commanders have finally been sold, as the consortium fronted by Magic Johnson have acquired the franchise for a record-breaking sum.
The sale was jointly announced on Friday after co-owners Dan and Tanya Snyder agreed to hand over the team, with Josh Harris and the Harris group taking over. It's still subject to NFL approval, but the reported fee of $6billion will become the most expensive fee for team in sports team history.
"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," Dan and Tanya 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."
The new ownership group is led by Harris - the Philadelphia 76ers co-owner - and the expected completion will end one of the most controversial reigns in US sports history since Snyder acquired the franchise in 1999. "On behalf of our entire ownership group - including Mitch Rales, my long-time sports business partner David Blitzer and Earvin Magic Johnson - I want to express how excited we are to be considered by the NFL to be the next owners of the Washington Commanders and how committed we are to delivering a championship-calibre for this city and its fanbase," A statement from Harris read.
"Growing up in Chevy Chase, I experienced first-hand the excitement around the team, including its three Super Bowl victories and long-term winning culture. We look forward to the formal approval of our ownership by the NFL in the months ahead and to having the honour to serve as responsible and accountable stewards of the Commanders franchise moving forward.
"Thank you to Tanya and Dan Snyder and the staff of the Commanders for their partnership and cooperation throughout the sale process. In addition to Mitch, David and Magic our extraordinary ownership group includes - local business leader Mark Ein, Lee Ainslee, Eric Holoman, Michael Li, owner of Range Group, the Morgan family, owner 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 among others.
"Together these individuals and families have the collective resources and shared commitment to support our vision for the Commanders. We are looking forward to running a world-class organisation and making significant investments on and off the field to achieve excellence and have a lasting and positive impact on the community."
Soon to be former owner Snyder purchased the Commanders for $800million in 1999. It was the most valuable sports franchise in the world at the time, and has managed to reclaim that accolade 24 years later, but for a mammoth price.
