In a major development in the NFL world, Washington Commanders owner Dan Snyder has reportedly agreed in principle to sell the team for $6 billion.
The deal, which is expected to be executed in the coming days, will be led by a group headed by Philadelphia 76ers co-owner Josh Harris and includes former NBA star Magic Johnson and billionaire Mitchell Rales, according to Sportico.
EXCLUSIVE: Dan Snyder has reached an agreement in principle to sell the @Commanders for $6 billion to a group led by Philadelphia 76ers co-owner Josh Harris
Harris’ group, includes billionaire Mitchell Rales and former NBA star @MagicJohnson pic.twitter.com/ZIWKqeqtmN
— Sportico (@Sportico) April 13, 2023
The negotiations took place over the last six months and were conducted amid constant speculation that Amazon founder Jeff Bezos might make a bid.
Despite being worth $124 billion, nearly double the NFL’s next richest owner, Bezos never submitted an offer. If the deal goes through, it will be the highest price ever paid for a sports team, surpassing the $4.6 billion that Rob Walton paid for the NFL’s Denver Broncos last year.
The sale will mark the end of Snyder’s 24-year tenure as the owner of the Washington Commanders, a period marked by controversies such as allegations of a hostile workplace culture and financial wrongdoing.
These controversies led to fans and fellow owners distancing themselves from Snyder and sparked speculation that the NFL might have to consider the unprecedented step of removing an owner.
The sale of the Washington Commanders is a significant event for the NFL and the sports world in general. The high price paid for the team underscores the enormous value of sports franchises in today’s market. It remains to be seen what impact the change in ownership will have on the team and the league as a whole.