The group of Harris and ‘Magic’ Johnson, about to buy Washington Commanders

04/13/2023 at 23:57


The NFL team would be valued at almost 6,000 million dollars

Harris owns the NBA’s Philadelphia 76ers, the NHL’s New Jersey Devils, and a minority owner of the NFL’s Pittsburgh Steelers.

The group of businessmen headed by Josh Harris and Earvin ‘Magic’ Johnsonmember of the NBA Hall of Fame, is close to reaching an agreement to acquire the Washington Commanders from the NFL for almost 6,000 million dollars.

Harris, owner of the NBA’s Philadelphia 76ers, NHL’s New Jersey Devils and minority owner of the NFL’s Pittsburgh Steelersis the head of an investment group that includes businessman and philanthropist from Maryland Mitchell Rales and ‘Magic’ Johnson, winner of five NBA titles with the Los Angeles Lakers.

The Commanders’ asking price would be the highest in NFL history. Last year, the Denver Broncos were sold to the Walton-Penner group for a record $4.65 billion.

Among the details remaining to complete the transaction is approval from the NFL’s owners and finance committee, which will occur next May during the spring meeting, according to league sources.

Dan Snyder and his wife, Tanya, have owned the Washington franchise since 1999. Snyder hired Bank of America Securities last November to explore a possible sale of the team.

Snyder and the Commanders remain under an internal NFL investigation led by former federal prosecutor Mary Jo White into allegations of workplace misconduct and possible financial misconduct.

The NFL hired White to lead the investigation in February 2022 after Snyder was accused of sexual misconduct by a former team employee during a congressional roundtable discussion. Snyder denied the allegations.

In July 2021, the NFL fined Commanders $10 million for allegations of sexual misconduct and gender-based violence that spanned a decade.

In December of last year, the United States Congress determined that the franchise covered up acts of sexual misconduct for years and Snyder tried to interfere and hinder investigations into the complaints that were filed.

In addition, the franchise recently settled lawsuits with Maryland and the District of Columbia over money from fans’ season ticket deposits for which the Commanders paid more than $600,000.

In 24 seasons under the ownership of Dan Snyder, the Commanders posted a record of 164 wins, 220 losses and two ties. They had six appearances in the ‘playoffs’.

The most recent time Washington reached the postseason was in 2020 and the closest time it won a playoff game was in 2005.