The Washington Commanders sale may not be as finalized as reports indicated just a few days ago.
On Thursday, it was reported that team owner Dan Snyder had reached an agreement to sell the team for $6.05 billion. However, on Friday, a new report surfaced indicating that DC native Brian Davis had made a $7 billion cash offer to buy the team, potentially making him the NFL’s first black owner, according to WUSA9.
Video: "We can confirm that the first billion dollars could be released to Dan Snyder within 24-hours and the rest of the $6 billion in a week."
"It will set an NFL record for the most expensive sale in global sports history."pic.twitter.com/z7GaDu3YsO
— Dov Kleiman (@NFL_DovKleiman) April 16, 2023
According to WUSA9 reporter Darren Haynes, Davis has raised the capital for the purchase by selling his own intellectual property. Private investors realized he had a $50 billion IP, making it possible for him to put together the cash offer for the team.
The offer would be an NFL record for the most expensive sale in global sports history.
In the bid documents obtained by WUSA9, Davis is offering to pay the first $1 billion to Dan Snyder within 24 hours, with the remaining $6 billion to be paid within seven days. As part of the offer, Davis is also willing to indemnify Dan Snyder, taking on any legal liability related to Snyder and ongoing investigations into the team.
The bid being discussed between Bank of America, the group handling the sale offers for Snyder, and Davis was made on March 21. However, Bank of America was still in communication with at least one of the other bidders as of Thursday evening, asking if they were available to proceed with their offer.
It was reported earlier that Snyder had reached an agreement with an investment group led by billionaire Josh Harris to sell the team for $6.05 billion. The deal, which would be the highest price paid for a North American professional sports franchise, was reported to be non-exclusive, meaning someone else could come into the ownership group.
Harris, who is also a co-owner of the Philadelphia 76ers, joined forces with Maryland philanthropist Mitchell Rales and NBA legend Magic Johnson to put together their bid. Forbes estimates that the team is worth $5.6 billion.
As of now, it is unclear which bid Snyder will ultimately accept. The sale of the Washington Commanders could have a significant impact on the NFL, especially if Davis’s bid is accepted, making him the league’s first black owner.