The Washington Commanders, a professional American football team, has been sold to a consortium led by private-equity financier and professional sports team owner Josh Harris for approximately $6 billion. The deal is still subject to the NFL’s approval, which requires 24 of the 32 votes to approve the sale. The purchase is set to exceed last year’s $4.65 billion sale of the Denver Broncos to Walmart heir Rob Walton. After months of exploration, team owner Dan Snyder hired investment bankers to explore a sale of the team. Despite mounting pressure among other owners to have him removed as owner, he wasn’t forced to sell the team. The team and Snyder have been the subjects of recent probes by both the House Oversight Committee and the NFL for sexual harassment and financial misconduct.
Harris, who is a majority owner of the NBA’s Philadelphia Sixers and NHL’s New Jersey Devils, is partnering with NBA legend Magic Johnson and Mitch Rales, a longtime business partner. Other members of the consortium include Michael Sapir, CEO of ProShares, and former Google CEO Eric Schmidt. There are other partners in the group who aren’t listed in the press release announcing the deal. Harris will be the lead owner.
The Commanders have won three Super Bowls, all during the 1980s and 1990s, and haven’t been to the league’s championship game since 1992. Harris said he is determined to bring back a Super Bowl title to the franchise. The deal comes as there have been calls for more Black ownership of NFL teams.
In a statement on Friday, Harris expressed his excitement to be considered by the NFL as the next owner of the Washington Commanders and his commitment to delivering a championship-caliber franchise for the city and its fanbase. The new ownership group also includes local business leader Mark Ein, Lee Ainslie, Eric Holoman, Michael Li, owner of Range Group, the Morgan family, owners of Morgan Properties, and the Santo Domingo family, among others. They have the collective resources and shared commitment to support their vision for the Commanders.
The new ownership group plans to make significant investments on and off the field to achieve excellence and have a lasting and positive impact on the community. The sale is expected to be completed promptly after the NFL’s approval, and the new owners are looking forward to running a world-class organization.
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