More than six months after Daniel Snyder began exploring a sale of the Commanders, the franchise is finally changing hands. The NFL has long acknowledged billionaire Josh Harris’ bid to purchase the team, but on Thursday, Harris and his purchasing partners are reportedly expected to be voted in as one of the league’s official ownership groups.
Here’s everything you need to know about the sale, the NFL’s approval and what comes next:
Who is buying the Commanders?
Josh Harris is the incoming majority owner. He is best known as the owner of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils. Others in Harris’ purchasing group reportedly include business partner David Blitzer, owner of the Premier League’s Crystal Palace FC and MLS franchise Real Salt Lake, NBA Hall of Famer Earvin “Magic” Johnson, venture capitalist Mark Ein, former Google CEO Eric Schmidt and businessman Mitchell Rales. Former Washington quarterback Robert Griffin III has also teased an ownership stake in the team he once condemned.
When did the sale take shape?
Daniel Snyder and the Harris group reportedly first reached a principle agreement in April, with the new owners set to pay a record $6 billion to acquire the Commanders, shattering the previous NFL high of $4.65 billion, which the Walton-Penner group paid to purchase the Denver Broncos in 2022. An official “purchase and sale” agreement for the Commanders followed in May, setting the sale at $6.05 billion, pending official NFL approval.
When will the sale be finalized?
NFL owners are reportedly meeting Thursday in Minneapolis, where they are expected to approve the sale to the Harris group. Daniel and Tanya Snyder will officially no longer own the Commanders as of the approval of the sale.
Why are the Snyders selling?
It’s complicated. Daniel and Tanya Snyder were proud, public and noticeably involved owners of the Commanders, beginning with their 1999 purchase of the franchise from Jack Kent Cooke. However, Washington has been at the forefront of NFL controversy for years now. Since 2020, the club has rebranded due to pressure over its longtime but polarizing nickname, absorbed a $10 million fine and other NFL discipline over a “highly unprofessional” workplace environment and been the subject of multiple investigations, including by congressional committees, related to alleged sexual harassment. The team has also been linked to the Jon Gruden scandal that saw the former Raiders coach resign, with Snyder reportedly feuding with — and threatening to blackmail — fellow owners and NFL commissioner Roger Goodell amid the controversies. Finally, in November 2022, he and Tanya announced they’d hired bankers to consider potential transactions related to team ownership.
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Author: Cody Benjamin
July 20, 2023 | 12:21 pm
