{"id":230,"date":"2023-04-13T23:03:08","date_gmt":"2023-04-14T04:03:08","guid":{"rendered":"https:\/\/thekingandqueenpub.com\/washington-commanders-to-be-sold-for-record-breaking-6-billion-to-josh-harris-and-investment-group\/"},"modified":"2023-04-13T23:03:08","modified_gmt":"2023-04-14T04:03:08","slug":"washington-commanders-to-be-sold-for-record-breaking-6-billion-to-josh-harris-and-investment-group","status":"publish","type":"post","link":"https:\/\/thekingandqueenpub.com\/washington-commanders-to-be-sold-for-record-breaking-6-billion-to-josh-harris-and-investment-group\/","title":{"rendered":"Washington Commanders to be Sold for Record-Breaking $6 Billion to Josh Harris and Investment Group"},"content":{"rendered":"
The Washington Commanders, NFL team owned by Dan Snyder, is set to be sold to Josh Harris for $6 billion, according to reports.[0]<\/a><\/sup> Harris, who owns the NBA's Philadelphia 76ers and NHL's New Jersey Devils, is part of an investment group that includes D.C.-area billionaire Mitchell Rales and Basketball Hall of Famer Magic Johnson.[1]<\/a><\/sup> The sale price would set a record for the priciest team sale in North American sports franchise history, surpassing the $4.65 billion sale of the Denver Broncos last year.[2]<\/a><\/sup> The sale would also mark the end of Snyder's 24-year ownership tenure, which has been plagued by controversies and scandals.[3]<\/a><\/sup> The ongoing probes into inappropriate conduct at work and financial irregularities brought the potential motion to dismiss Snyder from his position into focus.[4]<\/a><\/sup> A sale, however, has always been the NFL's preferred outcome.[4]<\/a><\/sup> <\/p>\n Harris, who co-owns the NHL's New Jersey Devils and is currently a minority owner of the Pittsburgh Steelers, is the head of an investment group that includes Rales and Johnson.[0]<\/a><\/sup> Approval from the league's finance committee and a minimum of 75% of NFL team owners is necessary for any franchise sale to be completed in the NFL. While a deal has yet to be sent to the league for approval, a finalized sale is expected if all goes well.[5]<\/a><\/sup> Any sale of an NFL franchise would need to be approved by the NFL's finance committee and at least 24 of the league's 32 owners.<\/p>\n In 1999, Snyder acquired the Washington Redskins for a whopping $800 million.[6]<\/a><\/sup> Despite being involved in various controversies, he continues to be under scrutiny from multiple investigations.[6]<\/a><\/sup> During his tenure, Washington has recorded a 164-220-2 record and a 2-6 record in the playoffs.[6]<\/a><\/sup> In recent years, there has been a significant decline in fan interest towards the franchise that was once highly adored.[6]<\/a><\/sup> The pressure to remove Snyder increased as investigations into workplace misconduct and financial impropriety mounted. Removing him is a complex procedure that could establish a precedent for ousting other NFL owners in the future.[3]<\/a><\/sup><\/p>\n Harris, co-founder of Apollo Global Management and team owner of the NBA's Philadelphia 76ers and NHL's New Jersey Devils, bid $5.6 billion for the franchise.[7]<\/a><\/sup> No terms have been submitted to the league, and Harris' prospective purchase will still need to be approved by at least 24 NFL owners.[8]<\/a><\/sup> Snyder has not informed the NFL he is selling just yet, but the hope is an agreement will be reached in the coming weeks.[4]<\/a><\/sup> It is anticipated that the approval aspect of the agreement will be a mere formality as Harris underwent thorough evaluation when he pursued the acquisition of the Broncos in the previous year.[4]<\/a><\/sup> Once the sale is approved, Harris will need to sell his minority stake in the Pittsburgh Steelers before taking over the Commanders.[9]<\/a><\/sup><\/p>\n 0. <\/span>“Report: Steelers' Minority Owner Potentially ‘Nearing A Deal' To Buy Commanders” Steelers Depot, 13 Apr. 2023, https:\/\/steelersdepot.com\/2023\/04\/report-steelers-minority-owner-potentially-nearing-a-deal-to-buy-commanders\/<\/a><\/p>\n 1. <\/span>“Dan Snyder, Josh Harris group reach agreement on Commanders sale for $6.05 billion” NFL.com, 13 Apr. 2023, https:\/\/www.nfl.com\/news\/dan-snyder-nearing-deal-with-josh-harris-group-to-sell-washington-commanders-fra<\/a><\/p>\n 2. <\/span>“Washington Commanders owner agrees to sell team for $6 billion” CBS News, 13 Apr. 2023, https:\/\/www.cbsnews.com\/news\/washington-commanders-sale-nfl-josh-harris\/<\/a><\/p>\n 3. <\/span>“Josh Harris Reaches $6 Billion Deal to Buy NFL\u2019s Commanders” Sportico, 13 Apr. 2023, https:\/\/www.sportico.com\/business\/team-sales\/2023\/josh-harris-com-1234698114\/<\/a><\/p>\n 4. <\/span>“Josh Harris Raises Bid, In Position To Buy Commanders” profootballrumors.com, 14 Apr. 2023, https:\/\/www.profootballrumors.com\/2023\/04\/josh-harris-nearing-agreement-to-buy-commanders<\/a><\/p>\n 5. <\/span>“Dan Snyder to Sell Washington Commanders for $6.05 Billion: Report” PEOPLE, 14 Apr. 2023, https:\/\/people.com\/sports\/dan-snyder-to-sell-washington-commanders-to-josh-harris-and-magic-johnson-report\/<\/a><\/p>\n 6. <\/span>“Washington Commanders: Snyder agrees to sell to Josh Harris for $6B” USA Today, 13 Apr. 2023, https:\/\/commanderswire.usatoday.com\/2023\/04\/13\/washington-commanders-sale-dan-snyder-josh-harris-deal\/<\/a><\/p>\n 7. <\/span>“Reports: Dan Snyder reaches preliminary agreement to sell Washington Commanders to 76ers owner Josh Harris for $6B” Yahoo Sports, 13 Apr. 2023, https:\/\/sports.yahoo.com\/reports-dan-snyder-reaches-preliminary-agreement-to-sell-washington-commanders-to-76ers-owner-josh-harris-for-6b-172133579.html<\/a><\/p>\n 8. <\/span>“Dan Snyder sells Commanders to Josh Harris for $6 billion” 106.7 The Fan, 13 Apr. 2023, https:\/\/www.audacy.com\/thefandc\/sports\/washington-commanders\/dan-snyder-sells-commanders-to-josh-harris-for-usd6-billion<\/a><\/p>\n