The Dan Snyder Era is almost over.
A group led by Philadelphia 76ers and New Jersey Devils managing partner Josh Harris entered into a purchase agreement for the NFL’s Washington Commanders, the sides announced on Friday.
The deal, for a record $6.05 billion, remains subject to NFL and regulatory approval.
“We are very pleased to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners”, said Tanya and Dan Snyder in an statement. “We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years.”
Harris, Maryland native who is the co-founder of Harris Blitzer Sports & Entertainment, agreed to purchase the Commanders from Snyder last month.
“On behalf of our entire ownership group — including Mitch Rales, my longtime sports business partner David Blitzer and Earvin Magic Johnson — 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 within the joint press release.
“Growing up in Chevy Chase, I experienced first-hand the excitement around the team, including its three Super Bowl victories and long-term winning culture. We look forward to the formal approval of our ownership by the NFL in the months ahead and to having the honor to serve as responsible and accountable stewards of the Commanders franchise moving forward.”
The other NFL owners are expected to be updated on the deal — which supplants the 2022 purchase of the Denver Broncos for $4.55 billion as the largest North American professional sports franchise sale — when they meet later this month, though won’t hold a formal vote until later this year.
It will need the approval of three-quarters of the other 31 owners to proceed.
The transaction will include Maryland-based FedEx Field, home to the Commanders since 1997, and the team practice facility in Virginia.
ESPN reports that the search for a new stadium had been stalled under Snyder, who has had a turbulent ownership since he bought the team in 1999.
In recent years, he’s been the subject of league and federal investigations into workplace misconduct and financial impropriety.
The sale to Harris presents an opportunity for the franchise to refresh its slate and for the likes of Johnson — a former part-owner of the Lakers and a member of the group that purchased MLB’s Dodgers the the WNBA’s Sparks — to further expand his portfolio.
“I could not be more excited to be a partner in the proposed new ownership group for the Washington Commanders,” the NBA legend wrote. “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!”
