Reports: Washington Commanders’ owner Dan Snyder agrees to record-setting sale

After years of speculation, the Washington Commanders have finally been sold.

Reports surfaced Thursday that Commanders’ owner Dan Snyder has come to an agreement with Philadelphia 76ers’ owner Josh Harris on a sale near $6.05 billion.

While a preliminary agreement has been made between thew two sides, the deal is not exclusive, and has not been signed yet. A finalized deal is expected over the coming weeks, making it the largest sale ever for a sports franchise.

NFL Network’s Ian Rapoport was first with the news Thursday.

Josh Harris was the favorite coming into the process. Now, he's expected to be the new owner of the #Commanders. https://t.co/KnNjlLmyN4

— Ian Rapoport (@RapSheet) April 13, 2023

Josh Harris of Harris Blitzer Sports Entertainment also owns the NHL’s New Jersey Devils, and is a minority owner of the Pittsburgh Steelers. While he is the head of the investment group, other individuals involved include Maryland businessman and philanthropist Mitchell Rales, and NBA legend Magic Johnson.

On the flip side, Dan Snyder made the franchise available for purchase after acquiring Bank of America Securities in November 2022 to explore a potential sale. Snyder, alongside his wife Tanya, purchased the Washington franchise in 1999 for $800 million. Now more than two decades later, he’ll be selling it for more than six times he paid.

The Snyder family had many suitors for the team, including Canadian billionaire Steve Apostolopoulos. While a deal has been agreed to, the group led by the Canadian tycoon, or any other group, could still swoop in with another offer.

The Washington franchise holds a 164-220-2 record during Snyder’s tenure, with six playoff appearances. His club last made the postseason following the 2022 regular season, winning its’ last playoff game following the 2005 regular season.

 

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