Dan Snyder has reached an agreement to sell the Washington Commanders to Josh Harris for $6 billion, according to Eben Novy-Williams and Scott Soshnick of Sportico. Ian Rapoport of NFL Network later added that the two sides are “nearing a deal” but “nothing is final or has been sent to the league.”
Sportico reports that Harris and Snyder hope to execute a contract in the coming days. Both sides declined to comment on the matter.
The two sides have been working on a deal for months since it was revealed Snyder hired Bank of America in early November to explore potential transactions for the franchise. However, for months, neither Snyder nor anyone close to him indicated if he was planning to sell the entire franchise or a minority stake.
Snyder purchased the then-Washington Redskins in 1999 for $800 million. He has presided over numerous controversies and is still the subject of multiple investigations. Under his ownership, Washington has a 164-220-2 record, with a 2-6 mark in the playoffs. Fan interest in the once-beloved franchise has plummeted in recent years.
Harris is the co-owner of the Philadelphia 76ers and New Jersey Devils and attended high school in Washington, D.C. He co-founded Apollo Management and, according to Forbes, has a net worth of $6 billion.
Joining Harris’ bid was Washington-area businessman and philanthropist Mitchell Rales, who has a net worth of $5.7 billion. NBA legend and successful businessman Earvin “Magic” Johnson is also a part of Harris’ bid and discussed potentially owning the Commanders in a recent appearance on NBC’s “Today Show”.
A group led by Harris was interested in the Denver Broncos last year. However, the Broncos were sold to the Walton-Penner family for $4.6 billion, a record for a professional sports franchise. If the deal goes through between Harris and Snyder, it would establish a new record price for a sports team.
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