February 23, 2024

A panoramic 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 Sept. 25, 2022 in Landover, Maryland.

Scott Teich | Getty Images

The NFL’s Washington Commanders reached an agreement to sell it to a consortium led by private equity financier and professional sports team owner Josh Harris, the two parties announced Friday.

The deal is worth about $6 billion, according to a person familiar with the matter who asked not to be named because terms of the deal were not made public. While the deal still has to be approved by the NFL, it would top last year’s $4.65 billion sale of the Denver Broncos to Walmart heir Rob Walton.

“The league staff and finance committee will review the details of the proposed Washington trade,” the NFL said. “Any deal would need to be voted on by the full membership, with 24 of 32 votes to approve the sale.”

The deal comes months after team owner Dan Snyder hired investment bankers to explore a sale, CNBC previously reported.

Despite mounting pressure, Snyder isn’t forced to sell team among other owners Let him be removed.Snyder and the commanders have recently been the subject of investigations by both agencies House Oversight Committee and the NFL’s allegations surrounding sexual harassment and financial misconduct.

Harris said he is determined to bring a Super Bowl champion back to the team, which hasn’t played in a championship game since 1992. Washington won a total of three Super Bowls, all in the 1980s and 1990s.

“I want to express how excited we are to be considered by the NFL as the next owners of the Washington Commanders and how committed we are to providing a championship-caliber franchise for the city and its fan base,” Harris said in a statement. right to operate.” Friday.

Josh Harris, managing partner of the Philadelphia 76ers, stands on the court ahead of Game 1 of an NBA basketball first round playoff series against the Brooklyn Nets on Saturday, April 15, 2023 in Philadelphia superior.

Derek Hamilton | Associated Press

Harris, majority owner of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils, is teaming up with NBA legend Magic Johnson and longtime business partner Mitch Rales.

The deal comes amid calls for more black-owned NFL teams.

“I am excited to be a partner in Commander Washington’s proposed new ownership group,” Johnson said. tweets on Friday. “Josh Harris has assembled an amazing team who are collectively committed to not only doing great things on the field, but making a real impact in the DMV community. I’m excited to begin executing on our fan base who are loyal to the Commander and our vision !”

DMV refers to the Washington metropolitan area, which includes the District of Columbia, Maryland, and Virginia.

Other members of the new ownership group include ProShares CEO Michael Sapir and former Google CEO Eric Schmidt. There are other partners in the group that were not listed in the press release announcing the deal. Harris will be the principal owner.

Read the full version announcing the deal:

On Friday, May 12, the Washington Commanders and Josh Harris-led partnership have reached a buy-sell agreement.

The sale and purchase agreement calls for Harris and partners to acquire the Washington Commanders from the Snyder family. The agreement is subject to NFL approval and customary closing conditions.

Please see the statement below from Commander co-owners Tanya and Dan Snyder and from Josh Harris on behalf of the Harris Ownership Group.

Statement from Commanders co-owners Tanya and Dan Snyder:

“We are delighted to have reached an agreement on the sale of the Commander franchise with native Josh Harris and his impressive team of partners,” said Tanya and Dan Snyder. “We look forward to the swift completion of this transaction and root for Josh and the team for years to come.”

Statement from Josh Harris on behalf of Harris Ownership Group:

On behalf of our entire ownership team – including Mitch Rales, my longtime sports business partners David Blitzer and Earvin Magic Johnson – I want to express how excited we are to be recognized by the NFL as the next owners of the Washington Commanders, and How determined we are to deliver a championship-caliber franchise to this city and its fanbase.

Growing up in Chevy Chase, I experienced first-hand the excitement of the team, including three Super Bowl victories and a long-standing winning culture. We look forward to the NFL officially sanctioning our ownership in the coming months and are honored to be the owners and owners of the Commander franchise.

Thanks to Tanya and Dan Snyder and the Commander staff for their partnership and cooperation throughout the sale.

In addition to Mitch, David and Magic, our extraordinary ownership group includes local business leaders Mark Ein, Lee Ainslie, Eric Holoman, Michael Li, owners of Range Group, Morgan family, owners of Morgan Properties, Santo Domingo family, Michael Sapir , ProShares co-founder and CEO Eric Schmidt, former Google CEO and executive chairman, and Andy Snyder, among others. These individuals and families share collective resources and a shared commitment to support our vision for the Commander.

We look forward to running a world-class organization and investing heavily on and off the field to achieve excellence and have a lasting and positive impact on the community.