Washington Commanders to be bought to Josh Harris

The NFL’s Washington Commanders entered right into a deal to be bought to a consortium led by private-equity financier {and professional} sports activities crew proprietor Josh Harris, the edges introduced Friday.

The deal is valued at roughly $6 billion, in keeping with an individual accustomed to the matter who declined to be named because the phrases weren’t made public. Whereas the deal continues to be topic to NFL approval, it could prime final yr’s $4.65 billion sale of the Denver Broncos to Walmart inheritor Rob Walton.

“League workers and the finance committee will evaluate particulars of the proposed Washington transaction,” the NFL mentioned. “Any transaction must be voted upon by the total membership with 24 of 32 votes wanted to approve the sale.”

The deal comes months after crew proprietor Dan Snyder employed funding bankers to discover a sale, CNBC beforehand reported.

Snyder wasn’t being pressured to promote the crew regardless of mounting stress amongst different house owners to have him eliminated as proprietor. Snyder and the Commanders have been the topics of current probes by each the Home Oversight Committee and the NFL surrounding allegations of sexual harassment and monetary misconduct.

Harris mentioned he’s decided to carry a Tremendous Bowl title again to the franchise, which hasn’t been to the championship sport since 1992. Washington has received three Tremendous Bowls in complete, all in the course of the Eighties and Nineties.

“I need to categorical how excited we’re to be thought of by the NFL to be the subsequent house owners of the Washington Commanders and the way dedicated we’re to delivering a championship-caliber franchise for this metropolis and its fanbase,” Harris mentioned in an announcement on Friday.

Harris, who’s a majority proprietor of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils, is partnering with NBA legend Magic Johnson and Mitch Rales, a longtime enterprise accomplice.

The deal comes amid requires extra Black possession of NFL groups.

“I couldn’t be extra excited to be a accomplice within the proposed new possession group for the Washington Commanders,” Johnson tweeted on Friday. “Josh Harris has assembled a tremendous group who share a dedication to not solely doing nice issues on the sphere however to creating an actual affect within the DMV group. I am so excited to get to work on executing our imaginative and prescient for the Commanders and our loyal fanbase!”

The DMV refers back to the Washington metro space, which incorporates the District of Columbia, Maryland and Virginia.

Different members of the brand new possession group embrace Michael Sapir, CEO of ProShares, and former Google CEO Eric Schmidt. There are different companions within the group who aren’t listed within the press launch asserting the deal. Harris would be the lead proprietor.

Learn the total launch asserting the deal:

The Washington Commanders and a partnership led by Josh Harris have entered into a purchase order and sale settlement, it was collectively introduced on Friday, Might twelfth.

The acquisition and sale settlement requires Harris and companions to accumulate the Washington Commanders from the Snyder household.  The settlement is topic to NFL approval in addition to the satisfaction of customary closing circumstances. 

Please see beneath for statements from Commanders Co-House owners Tanya and Dan Snyder and from Josh Harris on behalf of the Harris possession group.

Assertion from Commanders Co-House owners Tanya and Dan Snyder:

“We’re more than happy to have reached an settlement for the sale of the Commanders franchise with Josh Harris, an space native, and his spectacular group of companions,” mentioned Tanya and Dan Snyder.  “We sit up for the immediate completion of this transaction and to rooting for Josh and the crew within the coming years.”

Assertion from Josh Harris on behalf of the Harris possession group:

On behalf of our total possession group — together with Mitch Rales, my longtime sports activities enterprise accomplice David Blitzer and Earvin Magic Johnson — I need to categorical how excited we’re to be thought of by the NFL to be the subsequent house owners of the Washington Commanders and the way dedicated we’re to delivering a championship-caliber franchise for this metropolis and its fanbase.

Rising up in Chevy Chase, I skilled first-hand the thrill across the crew, together with its three Tremendous Bowl victories and long-term profitable tradition. We sit up for the formal approval of our possession by the NFL within the months forward and to having the consideration to function accountable and accountable stewards of the Commanders franchise transferring ahead.  

Thanks to Tanya and Dan Snyder and the workers of the Commanders for his or her partnership and cooperation all through the sale course of.  

Along with Mitch, David and Magic our extraordinary possession group consists of native enterprise chief Mark Ein, Lee Ainslie, Eric Holoman, Michael Li, proprietor of Vary Group, the Morgan household, house owners of Morgan Properties, the Santo Domingo household, Michael Sapir, Co-founder and CEO of ProShares,  Eric Schmidt, former Google CEO and Govt Chair and Andy Snyder amongst others. Collectively these people and households have the collective assets and shared dedication to assist our imaginative and prescient for the Commanders.

We sit up for operating a world-class group and making important investments on and off the sphere to attain excellence and have an enduring and constructive affect on the group.