A general view of fans in front of the Washington Commanders logo during the first half of the game between the Washington Commanders and the Philadelphia Eagles at FedExField on September 25, 2022 in Landover, Maryland.
Scott Taetsch | Getty Images
The NFL’s Washington Commanders entered into a deal to be sold to a consortium led by private-equity financier and professional sports team owner Josh Harris, the sides announced Friday.
The deal is valued at approximately $6 billion, according to a person familiar with the matter. While the deal is still subject to the NFL’s approval, it would top last year’s $4.65 billion sale of the Denver Broncos to Walmart heir Rob Walton.
The deal comes months after team owner Dan Snyder hired investment bankers to explore a sale of the team, CNBC previously reported.
Snyder wasn’t being forced to sell the team despite mounting pressure among other owners to have him removed as owner. Snyder and the Commanders have been the subjects of recent probes by both the House Oversight Committee and the NFL for sexual harassment and financial misconduct.
“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-caliber franchise for this city and its fanbase,” Harris said in a statement on Friday.
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.
The deal comes as there’s been calls for more Black ownership of NFL teams.
“I could not be more excited to be a partner in the proposed new ownership group for the Washington Commanders. Josh Harris has assembled an amazing group who share a commitment to not only doing great things on the field but to making a real impact in the DMV community. I’m so excited to get to work on executing our vision for the Commanders and our loyal fanbase!” Johnson tweeted on Friday.
Other members of the new ownership group include Michael Sapir, CEO of ProShares, and former Google CEO Eric Schmidt.
