Dan Snyder has reached a record $6 billion deal to sell the Washington Commanders to a group led by Philadelphia 76ers owner Josh Harris and NBA legend Magic Johnson, according to Sportico.
Any sale would need to be approved by the league before it can be finalized. First the NFL’s financial committee would have to give a green light before the sale would move on to the league’s 31 other owners, three fourths of whom would need to give their approval.
The deal would be a record for a sports franchise, eclipsing last year’s $4.65 billion purchase of the Denver Broncos by the Walton-Penner family, the heirs to the Walmart fortune.
A Commanders spokeswoman declined to comment on the reported deal when contacted by DailyMail.com.
Despite the reports of an agreement, ESPN’s Adam Schefter insists Canadian billionaire Steve Apostolopoulos is still vying for the team. As one source told Schefter, it’s ‘a head-to-head race. … It’s anyone’s game.’
Dan Snyder has reached a record $6 billion deal to sell the Commanders to Josh Harris
Josh Harris (left) currently owns the 76ers, while Magic Johnson (right) is a Dodgers co-owner
Adam Schefter is reporting that Canadian billionaire Steve Apostolopoulos is still bidding
Apostolopoulos is the founder of Six Ventures Inc., a private equity venture fund, and recently had interest in buying the Charlotte Hornets from Michael Jordan. However, the Harvard graduate is said to have refocused his efforts on pursing the Commanders.
Amazon founder Jeff Bezos was interested in buying the team, but the Washington Post reported Wednesday that he was out of the running.
ESPN is reporting that Canadian billionaire Steve Apostolopoulos is still in the mix
If Harris is approved as owner, he would own stakes in three pro teams, including the NHL’s New Jersey Devils. He currently has a stake in the Pittsburgh Steelers, which he will need to sell before his purchase of the Commanders can be finalized.
Johnson, meanwhile, has stakes in the Los Angeles Dodgers and the WNBA’s Sparks.
Snyder and his wife, Tanya, previously announced they’ve enlisted Bank of America Securities to explore selling all or a portion of the team, which he bought for $800 million in 1999. The NFL franchise is now worth an estimated $5.6 billion, according to Forbes, despite ongoing legal concerns and Snyder’s struggles to secure land for a new stadium.
The 58-year-old Snyder has faced fans’ calls to sell the struggling team for years, but pressure has been mounting since 2020 following accusations of sexual harassment, financial impropriety, and obstruction against the team and Snyder himself.
Sexual harassment allegations against team employees ranged from inappropriate comments to the creation of a lewd behind-the-scenes video from a cheerleader calendar shoot in 2008, according to the 2020 Washington Post report that first uncovered the claims.
A former cheerleader also alleged that Snyder suggested that she join his ‘close friend’ in a hotel room in 2004 so they ‘could get to know each other.’
Snyder denied this claim in a 2020 statement: ‘I want to unequivocally state that this never happened.’
While the Commanders have fired many of the individuals accused of sexual harassment and paid a $10 million fine to the NFL, Snyder has defiantly denied accusations against him in the face of subsequent investigations.
The Democrat-led House Oversight committee launched an investigation into the Commanders and the league probe after the NFL decided against compiling its findings in a formal written report, citing confidentiality concerns.
The Commanders, formerly the Redskins, have failed to secure land for a new stadium
At least one fan is looking forward to Snyder’s departure as Commanders owner
The Committee investigation uncovered previously unknown allegations against the team and Snyder before the probe was cut short when Republicans took control of Congress in 2022.
Specifically, former team employee Tiffani Johnston claimed to the Oversight Committee that Snyder grabbed her thigh at a team dinner and pressured her to get into a limousine.
Snyder has also denied this claim.
Another woman, Melanie Coburn, said she was at Snyder’s home in Aspen when he hosted a party with prostitutes for male employees.
‘I returned to Dan Snyder’s house only to be sent to my room in the basement and told to stay there,’ Coburn told the House Oversight Committee. ‘I later learned from a colleague that was there it was because the men had invited prostitutes.’
Both Snyder and the Commanders are also being investigated by former US Attorney Mary Jo White, who was appointed by the NFL to probe allegations that arose from a Congressional review into hostile workplace claims.
Redskins cheerleaders seen dancing as part of a 2004 event, where allegations later surfaced
Last month, the Washington Times reported that Snyder has refused to speak with White, although a team spokesperson has declined to weigh into that when asked on the record.
And those aren’t the only legal problems for Snyder, who faces other civil suits and investigations.
On Monday, the Commanders settled a consumer protection lawsuit in the District of Columbia over claims that the NFL team improperly withheld ticket deposits from fans.
Attorney general Brian L. Schwalb on Monday announced the agreement that returns $200,000 to fans and pays $425,000 to the district to resolve allegations related to the deposits. Predecessor Karl A. Racine filed the consumer protection lawsuit late last year before leaving office, and Schwalb picked up the case.
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The district’s investigation showed the team deceptively kept fans’ deposits for years after ticket contracts expired, improperly used that money and in some cases made it difficult to reclaim the money.
The district still has a civil suit ongoing against the Commanders, Snyder, the NFL and Commissioner Roger Goodell over the outstanding sexual harassment and hostile workplace claims.
The Snyders are exploring the possibility of selling the team, to the pleasure of many fans
News of a potential sale follows recent comments from Indianapolis Colts owner Jim Irsay urging the NFL to remove Snyder as Commanders owner. Speaking at league meetings late last year, Irsay said ‘there’s merit’ to booting Snyder, who ranks as one of the least popular owners in professional sports.
For starters, the Commanders have been terrible since Snyder bought the club in 1999. Washington, a three-time Super Bowl winner and five-time NFL champion, has reached the postseason only six times over Snyder’s tenure. The current head coach, Ron Rivera, is Snyder’s 10th since taking control of the team.
Throughout Snyder’s tenure, the team has been criticized for its now-former nickname, the Redskins, which is considered offensive to Native Americans.
Snyder fought the change for years, but Washington finally dropped the ‘Redskins’ name in 2020 under a wave scrutiny amid the George Floyd protests.
