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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 Tych | Getty Images
The two sides announced Friday that Washington’s NFL leaders have entered into a deal to sell it to a consortium led by private equity financier and professional sports team owner Josh Harris.
The deal is valued at about $6 billion, according to a person familiar with the matter who declined to be named because the terms have not been made public. While the deal is still subject to NFL approval, it would surpass last year’s Denver Broncos sales of $4.65 billion to Wal-Mart heir Rob Walton.
“The details of the proposed Washington transaction will be reviewed by league staff and the Finance Committee,” the NFL said. “Any transaction must be voted on by the full members with 24 of the 32 votes needed to approve the sale.”
The deal comes months after team owner Dan Snyder hired investment bankers to explore a sale, CNBC previously reported.
Snyder was not forced to sell the team despite mounting pressure Among the other owners to remove it as owner. Snyder and the leaders have been the subject of recent investigations by both House Oversight Committee and the NFL surrounding allegations of sexual harassment and financial misconduct.
Harris said he is determined to bring back the Super Bowl title to the franchise, which has not been in the championship game since 1992. Washington has won three Super Bowls in total, all during the 1980s and 1990s.
“I want to express how excited we are that the NFL is considering us to be the next owners of the Washington Chiefs and how committed we are to bringing a championship-caliber franchise to this city and its fanbase,” Harris said in a statement. Friday.
Philadelphia 76ers managing partner Josh Harris stands on the court prior to Game 1 of an NBA first-round playoff series against the Brooklyn Nets, on Saturday, April 15, 2023, in Philadelphia.
Derek Hamilton | AP
Harris, majority owner of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils, is teaming up with NBA legend Magic Johnson and Mitch Rales, a longtime business partner.
The deal comes amid calls for more black ownership of NFL teams.
Johnson: ‘I couldn’t be more excited to be a partner in Washington’s leaders’ proposed new ownership group’ chirp Friday. “Josh Harris has put together an amazing group who share a commitment to not only doing great things on the field but also to making a real impact in the DMV community. I am so excited to be working on executing on our leaders vision and having a loyal fan base!”
DMV refers to the Washington metro 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. Other partners in the group are not included in the press release announcing the deal. Harris will be the principal owner.
Read the full statement announcing the deal:
Washington Leaders and a partnership led by Josh Harris entered into a purchase and sale agreement that was jointly announced on Friday, May 12th.
The purchase and sale agreement calls for Harris and his associates to acquire Washington leaders from the Snyder family. The agreement is subject to approval by the NFL as well as the fulfillment of customary closing conditions.
Please see below for statements from Co-Ownership Leaders Tanya and Dan Snyder and from Josh Harris on behalf of the Harris Estate Group.
Statement from co-owners Tanya and Dan Snyder:
“We are very pleased to have reached an agreement to sell the Commanders franchise with local resident Josh Harris and his incredible group of partners,” said Tanya and Dan Snyder. “We look forward to closing this transaction quickly and to rooting for Josh and the team in the years to come.”
Statement from Josh Harris on behalf of the Harris Estate Group:
On behalf of the entire ownership group – including Mitch Raleigh, my longtime sports business partners David Blitzer and Irvin Magic Johnson – I want to say how excited we are that the NFL considers us to be the next owners to drive Washington and how committed we are to delivering a championship-caliber franchise to this city and its mass base.
Growing up on Chevy Chase, I experienced firsthand the excitement around the team, including its three Super Bowl victories and its long-running winning culture. We look forward to formal approval of our ownership by the NFL in the coming months and are honored to be responsible and accountable stewards of the Commanders franchise moving forward.
Thanks to Tanya, Dan Snyder, and the Leaders staff for their partnership and cooperation throughout the sale process.
In addition to Mitch, David and Magic, our extraordinary ownership group includes local business leader Mark Where, Lee Ainslie, Eric Holloman, Michael Lee, owner of The Ring Group, The Morgan Family, owners of Morgan Realty, and the Santo Domingo family, Michael Sapir, Co-Founder and CEO of ProShares, Eric Schmidt, former Google CEO and CEO, Andy Snyder among others. Together, these individuals and families have the collective resources and shared commitment to support our vision of leaders.
We look forward to running a world-class organization and making significant investments inside and outside the field to achieve excellence and to make a lasting and positive impact on society.
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