The Washington Commanders announced Friday that owners Dan and Tanya Snyder had entered into an agreement to sell the team to a partnership led by Josh Harris. The deal must now be approved by NFL owners and the league’s finance committee.
Harris, who originally hails from Maryland, currently owns the New Jersey Devils and the NBA’s Philadelphia 76ers.
It’s the largest transaction for a sports team in history.
The purchase and sale agreement calls for Josh Harris and partners to acquire the Washington Commanders from the Snyder family. The agreement is subject to NFL approval as well as the satisfaction of customary closing conditions.
— Adam Schefter (@AdamSchefter) May 12, 2023
“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,” Dan and Tanya Snyder said in a statement. “We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years.”
Besides Harris, the purchasing group includes local billionaire Mitchell Rales and basketball Hall of Famer Magic Johnson among others. Mark Ein, a Maryland native and owner of the Washington Kastles, is also part of the purchasing group.
Honor of a lifetime to partner with Josh Harris, one of my best lifelong friends from when we first met in kindergarten at Rollingwood Elementary School in Chevy Chase, MD, and another dear friend Mitch Rales to buy our hometown team – the @Commanders. Can’t wait to help make… pic.twitter.com/oz7vyGM6D6
— Mark Ein (@Markein) May 12, 2023
“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 the city and its fanbase,” Harris said in a statement announcing the sale, per ABC 7’s Scott Abraham.
He later added, “We look forward to running a world-class operation and making significant investments on and off the field to achieve excellence and have a lasting and positive impact on the community.
The two groups had agreed in principle to a $6.05 billion deal in April, but had not finalized the agreement at that time. As part of the transaction, the sale must now be approved by 24 of 32 NFL owners, though the league’s finance committee has raised concerns about the bid that could complicate that process.
Besides Harris, the purchasing group includes local billionaire Mitchell Rales and basketball Hall of Famer Magic Johnson, among others.
“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 the city and its fanbase,” Harris said in a statement announcing the sale, per ABC 7’s Scott Abraham.
He later added, “We look forward to running a world-class operation and making significant investments on and off the field to achieve excellence and have a lasting and positive impact on the community.
Snyder has long been been a controversial figure in DC. Leading up to the sale, his tumultuous tenure has seemingly come to a head. In December, the U.S. House Committee on Oversight and Reform released a scathing report after investigating sexual misconduct within the Commanders organization, including by Snyder himself. The NFL’s investigation into similar accusations remains ongoing.
The House committee also told the Federal Trade Commission that Snyder “may have engaged in a troubling, long-running, and potentially unlawful pattern of financial conduct,” alleging that he potentially withheld millions in refundable deposits to season-ticket holders and may have hidden funds to evade the NFL’s revenue-sharing plan. Federal prosecutors are reportedly investigating Snyder for fraud related to a $55 million loan taken out without the approval of minority partners, according to ESPN.
The Snyder family and Harris’ group had agreed in principle to a $6.05 billion deal in April, but had not finalized the agreement at that time. As part of the transaction, the sale must now be approved by 24 of 32 NFL owners, though the league’s finance committee has raised concerns about the bid that could complicate that process.
Since Snyder bought the team and FedEx Field from Jack Kent Cooke in May 1999, the Commanders have had a 164–220–2 record, with a postseason record of 2-6.
