Analysis
4/13/23
3 min read
Report: Snyder, Harris Group Reach Tentative Agreement for Washington Commanders
The clock is getting closer to expiring on Dan Snyder's 24 years as owner of the Washington Commanders.
A group led by Philadelphia 76ers owner Josh Harris has reached a preliminary agreement to buy the team for $6.05 billion, ESPN reported Thursday night. However, the deal is not exclusive and has not been signed yet. Canadian billionaire Steve Apostolopoulos remains in the mix.
No official paperwork has been filed, and Harris' bid must be approved by the NFL, NFL Media reported. Twenty-four of the NFL's 31 other owners would need to approve Harris' bid for it to be accepted. If the deal is done, the vote most likely would come when the owners meet May 22-24 in Minneapolis.
Harris' ownership group also includes NBA Hall of Famer Magic Johnson and billionaire Mitchell Rales. If the sale is completed, it will become the highest amount paid for a sports team, topping Rob Walton's purchase of the Denver Broncos for $4.6 billion last year. Harris was a finalist in bidding for the Broncos.
At one point, Snyder sought $7 billion, Sports Illustrated reported. That figure recently was lowered to $6.5 billion. When Snyder bought the franchise in May 1999, he paid $800 million.
The deal for the Commanders would include FedEx Field in Landover, Md., and the team's practice facility in Ashburn, Va.
Snyder started exploring a sale in early November when he hired Bank of America to consider potential transactions. Pressure on Snyder to sell ramped up during that time frame as he dealt with a litany of accusations surrounding his time as owner.
Also in November, Indianapolis Colts owner Jim Irsay made public comments questioning whether Snyder should be removed as the team's owner.
“We have to look at all the evidence, and we have to be thorough going forward,” Irsay said. “But I think (removal as owner) is something that has to be given serious consideration. I believe it’s in the best interest of the National Football League that we look it squarely in the eye and deal with it.”
Irsay's comments came after an ESPN report stated Snyder had started "collecting dirt" on other NFL owners and Commissioner Roger Goodell.
In February, Snyder was accused of sexually harassing female subordinates for years and having secret lewd videos made of cheerleaders by six former Commanders’ employees during a House Oversight Committee roundtable on toxic workplace culture, NBC News reported.
The NFL's investigation into the Commanders led by former U.S. Attorney Mary Jo White for workplace misconduct and potential unlawful financial conduct is ongoing.
The committee’s investigation of the Commanders led them to file a 20-page letter to the Federal Trade Commission stating the Commanders might’ve misappropriated fans’ money and misrepresented revenue, The Washington Post reported.
The Commanders settled a lawsuit on April 10 with the District of Columbia attorney general's office centered around fans' season ticket deposit money. The team agreed to pay $200,000 to fans and $425,000 to the district.
