Dan Snyder Nears $6 Billion Deal to Sell Washington Commanders to Josh Harris
The deal with a group led by Harris would end Snyder’s controversial ownership with a record-breaking sale following problems for Snyder and the team on multiple fronts
Dan Snyder is nearing a deal to sell the Washington Commanders to a group led by private equity titan Josh Harris for approximately $6 billion, people familiar with the matter said, a deal that would end one of the most tumultuous team ownership tenures ever with a record-breaking sale.
Snyder, who bought the club in 1999 for $800 million, has been under immense pressure in recent years owing to several issues. Those include the prior name of the franchise; an unusually public feud with his former minority partners; and investigations that found a toxic workplace culture. At the same time, one of the National Football League’s most historic franchises floundered on the field during his tenure.
The price of the sale reflects the fact that, in spite of everything that has taken place, the team remains one of the league’s crown jewels. It’s also another indication of the skyrocketing value of sports franchises. This deal would set another high-water mark for a North American sports team, less than a year after the Denver Broncos went for $4.65 billion.
In addition to Harris—managing partner of the National Basketball Association’s Philadelphia 76ers—billionaire Mitchell Rales and NBA legend Magic Johnson are part of the ownership group. The deal still requires the approval from 24 of the NFL’s 32 team owners. It hasn’t yet been submitted to the league, the people familiar with the transaction said.
Canadian businessman Steve Apostolopoulos had also previously submitted a bid for around $6 billion.