ESPN News Services3 minutes of reading
The Josh Harris/Mitchell Rales team, which now includes Magic Johnson, officially submitted a fully funded bid. The Washington Commanders will meet Dan Snyder’s $6 billion asking price, according to ESPN’s Adam Schefter.
If accepted, the deal would surpass the previous record sale for a franchise last August, when a group led by Walmart heir Rob Walton bought the Denver Broncos for $4.65 billion.
Canadian billionaire Steve Apostolopoulos and Tilmon Fertitta, owner of the NBA’s Houston Rockets, are among other groups interested in buying the Commanders. There is another anonymous group that has toured the facilities, multiple sources involved in the process told ESPN.
Once Snyder accepts an offer, he must submit the bidder’s name to the NFL for approval. Three-quarters of the owners must approve any sale.
Harris Plitzer Sports and Entertainment also owns the Philadelphia 76ers and New Jersey Devils. Harris and David Blitzer also own part of Crystal Palace FC of the English Premier League.
Raised in Bethesda, Maryland, Harris co-founded the property management firm Apollo Management in 1990. According to Forbes, he has a net worth of $5.8 billion.
Rales, a DC billionaire, is also part of Harris’ team. Rales has a net worth of $5.5 billion, according to Forbes.
Snyder led the team that bought the team in 1999 for $800 million.
Last fall, amid several investigations into the group’s workplace culture and finances, Snyder and his wife, Tanya, hired a firm to explore selling part or all of the group. It will take the votes of 24 of the other 31 owners, two weeks after Indianapolis Colts owner Jim Irsay said Snyder was “qualified to be fired.”
ESPN’s John Keim and The Associated Press contributed to this report.