The $6.05 billion deal is the highest price paid for a North American professional sports franchise.
A group led by Josh Harris that includes Magic Johnson has agreed to buy the NFL's Washington Commanders from longtime owner Dan Snyder and his family. | Patrick Semansky/AP PhotoA group led by Josh Harris that includes Magic Johnson has agreed to buy the NFL’s Washington Commanders from longtime owner Dan Snyder and his family.
The deal is the highest price paid for a North American professional sports franchise, surpassing the $4.55 billion Walmart heir Robert Walton paid for the Denver Broncos last year. It is still pending approval of three-quarters of owners and other customary closing conditions. Snyder has owned the team since 1999, when he bought his favorite boyhood team for $750 million, and despite mounting criticism repeatedly said he’d never sell. That changed after multiple investigations by the league and Congress into Washington’s workplace misconduct and potential improprieties. The congressional investigation found Snyder played a role in a toxic culture.
“I could not be more excited to be a partner in the proposed new ownership group for the Washington Commanders,” Johnson tweeted. “Josh Harris has assembled an amazing group who share a commitment to not only doing great things on the field but to making a real impact in the community. I’m so excited to get to work on executing our vision for the Commanders and our loyal fanbase.”
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Commanders' record sale agreed to by Snyder family, Harris group that includes Magic JohnsonA group led by Josh Harris has agreed to buy the NFL’s Washington Commanders from longtime owner Dan Snyder and his family. The sides announced the deal in a joint statement Friday, roughly a month after they reached an agreement in principle on the sale for a record $6.05 billion. The deal is the highest price paid for a North American professional sports franchise. It is still pending approval of three-quarters of owners and other customary closing conditions. Harris’ group includes Washington-area billionaire Mitchell Rales and basketball Hall of Famer Magic Johnson. Snyder has owned the team since 1999.
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