Official: NFL Owners approve sale of Washington Commanders Thursday
Jul 20, 2023, 2:27 PM
Rob Carr/Getty Images
After months of negotiations and meetings, the day has finally come where the Washington Commanders are no longer run by Dan Snyder.
The NFL released a statement Thursday stating the sale of the Washington Commanders franchise has been unanimously approved by the owners in a special session. The sale, a reported $6.05 billion purchase, has been agreed upon between Snyder and new owner Josh Harris. Harris and his team of partners will take immediate control of the franchise, as they look to usher in a new era of football in the capital.
Dan Snyder led a group that purchased the Washington franchise in 1999 for $800 million. Twenty-four years later, he sells the team for $6.05 billion — which comes out to nearly a 700% return on his initial investment.
The $6.05 billion sale price of the Washington Commanders…
— Adam Schefter (@AdamSchefter) July 20, 2023
“Congratulations to Josh Harris and his impressive group of partners,” NFL commissioner Roger Goodell said in a statement Thursday. “Josh will be a great addition to the NFL. He has a remarkable record in business, sports, and in his communities. The diverse group that Josh has put together is outstanding for its business acumen and strong Washington ties and we welcome them to the NFL as well.
“I met Josh several years ago, prior to his acquisition of an interest in the Steelers and have been fortunate to get to know him better over the past few months. I know he has a commitment to winning on the field, but also to running an organization that everyone will be proud of — and to making positive contributions in the community.”
Snyder and Harris reached an exclusive agreement for the team on May 12th, but after some red flags arose in the method of purchase, the vote to make the deal official had to be delayed. Once Harris’s group reached compliance on the payment structure, the meeting went ahead with Indianapolis Colts’ owner. Jim Irsay at the forefront.
The Harris group includes NBA Hall of Famer Magic Johnson and billionaire Mitchell Rales, with 20 limited partners in total in the group.
“We’re very happy,” Irsay said on the sale.
With the takeover now finalized, the NFL has also released the findings from former U.S. Attorney Mary Jo White’s investigation into the Snyder and the Commanders. The report states that both the individual, and the franchise, withheld up to $11 million in revenue from other teams, and that the former has been found guilty of sexually harassing a former employee.
With the investigation finding the accusations sustained, the NFL has fined Dan Snyder $60 million as he exits the NFL landscape for good.
NFL released the findings of the independent investigation conducted by former U.S. Attorney and SEC Chair Mary Jo White into allegations of misconduct and financial improprieties made by former employees of the Washington Commanders. The NFL statement: pic.twitter.com/lLQeJTr566
— Adam Schefter (@AdamSchefter) July 20, 2023
“The conduct substantiated in Ms. White’s findings has no place in the NFL,” Commissioner Goodell said. “We strive for workplaces that are safe, respectful and professional. What Ms. Johnston experienced is inappropriate and contrary to the NFL’s values.”
Snyder has been under scrutiny for quite some time, facing multiple investigations over the past three years. The individual has remained steadfast on not selling his team, despite the accusations. But in the end, the NFL has found a way to remove him from his seat at the table.
A new day in Washington. pic.twitter.com/lDmOEfArbd
— Tom Pelissero (@TomPelissero) July 20, 2023
“A new era of Washington football is here. It’s time to get to work,” Josh Harris said after the deal was officially announced. “I’m going to be remembered for what I do in Washington. That’s not lost on me. I’m all-in.”
Click here to read more about the Washington Commanders’ sale.
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