The Washington Commanders are getting new owners. Per CBS Sports NFL Insider Jonathan Jones, Dan Snyder has an agreement in place to sell his NFL club to Josh Harris and his group, which includes NBA legend Magic Johnson, for a whopping $6 billion.
This purchase, when official, will set an NFL and U.S. sports record for the most expensive franchise sale. This transaction will have to be approved by three-quarters of NFL ownership, which could come in May. Harris is no stranger to the sports world, as he also owns the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils.
Snyder has owned the Washington NFL franchise since 1999, and his tenure was marred by controversy. This development is one D.C. sports fans have been awaiting for some time.
With this massive purchase in the headlines, here’s a look at the most expensive American sports franchise sales in history, which total at least $2 billion.
Denver Broncos: $4.65 billion (2022)
The Broncos were sold for $4.65 billion to an ownership group that was led by Walmart heir Rob Walton last year. The Walton-Penner family acquired the NFL franchise from the Pat Bowlen Trust, who owned the team since 1984, when they bought the franchise for $78 million. Pat Bowlen died in 2019, but his trust had been running the franchise since his death.
Phoenix Suns: $4 billion (2022)
Last December, the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury were sold to Mat Ishbia, the billionaire CEO of United Wholesale Mortgage, for $4 billion. The former owner, Robert Sarver, was suspended for one year by the NBA due to the findings of an independent investigation into the teams’ workplace culture and Sarver’s conduct.
Ishbia was a walk-on for the Michigan State Spartans from 1999-2002, and won a national championship in 2000. After graduating from MSU’s business school, he started working at UWM, and in 2013 he was named CEO, succeeding his father, Jeff Ishbia, who founded the Michigan-based mortgage lending company.
New York Mets: $2.4 billion (2020)
Businessman Steve Cohen bought the New York Mets for $2.4 billion back in 2020. It is the most money ever paid to buy a Major League Baseball team, as it passed the $2 billion sale of the Los Angeles Dodgers in 2012. The Wilpon family had owned the Mets for the previous 34 years before Cohen bought the team.
Brooklyn Nets: $2.35 billion (2019)
The NBA also recently set a record for the largest team sale in the league’s history. Businessman Joseph Tsai had owned just 49 percent of the franchise, but was able to come to a deal with majority owner Mikhail Prokhorov for full ownership of the team. Tsai had originally bought his first stake of the Nets in 2017.
Carolina Panthers: $2.275 billion (2018)
If the Broncos’ sale does end up being for $4.65 billion, it will easily surpass the previous record paid for an NFL franchise. Hedge fund manager David Tepper purchased the Panthers from previous owner Jerry Richardson for $2.275 billion in 2018. Richardson was forced to sell the franchise after being fined nearly $3 million by the league for sexual and racial misconduct. Tepper also owns the city’s Major League Soccer franchise, Charlotte FC.
Houston Rockets: $2.2 billion (2017)
Prior to the Nets setting the new record of $2.35 billion, Houston-area businessman Tilman Fertitta purchased the Rockets for $22 billion from previous owner Leslie Alexander. Fertitta had also attempted to buy the NFL’s Houston Texans and the NHL’s Arizona Coyotes in the past.
Los Angeles Dodgers: $2.15 billion (2012)
In 2012, Dodgers owners Frank and Jamie McCourt were in the middle of an ugly divorce. As a result, the family was forced to sell the team for $2 billion to Guggenheim Baseball Management, which included former Los Angeles Lakers star Magic Johnson. It was a record price tag at the time, before the Rockets surpassed that total in 2017.
Los Angeles Clippers: $2 billion (2014)
That’s right, there were a pair of high-profile sales involving professional sports teams in Los Angeles over a two-year period. The NBA forced previous owner Donald Sterling to sell the Los Angeles Clippers after he made racist comments. Sterling was fined $2.5 million and banned from the NBA for life on top of having to sell the team. Former Microsoft CEO Steve Ballmer bought the Clippers for $2 billion, which was just short of the Dodgers record from two years prior.
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Author: Chris Bengel
April 13, 2023 | 4:41 pm
