The group led by NBA legend Magic Johnson have reportedly reached an agreement to purchase the Washington Commanders for $6billion - the most expensive fee for team in sports team history.
Dan Snyder, the controversial owner of the Commanders, has been exploring a sale for some time and he hopes to deliver a contract in the coming days, according to Sportico. While nothing is final nor has an agreement been submitted to the NFL, the deal between Snyder and the group led by businessman Josh Harris - the Philadelphia 76ers co-owner - is set to end one of the most controversial reigns in US sports history since Snyder acquired the franchise in 1999.
Groups led by Harris, Houston Rockets owner Tilman Fertitta and Canadian billionaire Steve Apostolopoulos were all interested in acquiring the Commanders with several parties reportedly submitting bids. Basketball Hall of Famer Johnson has stakes in the Los Angeles Dodgers, LA Sparks and Los Angeles Football Club and recently referred to owning an NFL franchise as the missing piece of his impressive portfolio.
Johnsons was also part of the Harris bid that failed to land the Denver Broncos last summer. The record for the most expensive NFL team purchase was set last year when the Broncos were bought for $4.6bn.
Harris' group, which includes billionaire Mitchell Rales, is reportedly backed by the money needed to survive the NFL’s vetting process. Their fully-financed bid matched Snyder’s asking price, while the group have been laying the groundwork for an acquisition of the Commanders for some time.
The negotiations reportedly took place over the last six months with Amazon founder Jeff Bezos - worth over $124bn - linked with a move only for a bid to never come to fruition. Instead, Harris and co. have swooped.
Back when the franchise was known as the Washington Redskins, Snyder purchased the Commanders for $800million in 1999. It was the most valuable sports franchise in the world at the time, but its value has slopped amid a turbulent ownership paired with inconsistent results on the field.
News of the sale comes as the results of the investigation into Snyder's ownership of the team is set to be released. The NFL hired former SEC chair Mary Jo White to look into the franchise last year, and the report is expected to be released in the next few months amid long-term reports of workplace harassment and financial impropriety within the Commanders.
Ultimately, fans of the Commanders will be thrilled that Snyder is set to sell the team as the three-time Super Bowl champions have reached the playoffs just six times in his tenure while current head coach Ron Rivera is the 10th to take the reins under him. The team went 8-8-1 in 2022, finishing bottom of the surprisingly competitive NFC East.
All parties will hope a deal is completed by the beginning of the NFL Draft on 27 April, where the Commanders will look to begin their new era by selecting a number of impressive rookies to bolster their roster ahead of the 2023 season.
