Commanders close in on $6BILLION sale to billionaire group including Magic Johnson
Commanders close in on $6BILLION sale as billionaire ownership group including Josh Harris and NBA legend Magic Johnson ‘submit fully-financed bid that meets Dan Snyder’s valuation’
The Washington Commanders have moved a step closer to new ownership after a billionaire group including Josh Harris and NBA legend Magic Johnson ‘officially submitted a $6billion bid’.
The future of the NFL team has been up in the air since embattled owner Dan Snyder enlisted the Bank of America to explore a potential sale of the team last year, and until now, no interested party had reached his lofty valuation.
Now, though, ESPN insider Adam Schefter is reporting that the group led by Harris and Mitchell Rales has now officially submitted its fully-financed bid to Snyder.
Harris already owns the Philadelphia 76ers NBA team and the NHL’s New Jersey Devils, while he is a part-owner of Premier League soccer’s Crystal Palace as well.
Rales, meanwhile, has no previous history of owning a sports franchise, but has an estimated net worth of $5.5bn.
Magic Johnson (L) is teaming up with Josh Harris (R) in a bid to buy Washington Commanders
A $6billion, fully-financed bid has been submitted to current owner Dan Snyder (pictured)
The 58-year-old Snyder has faced fans’ calls to sell the struggling team for years, but pressure has been mounting since 2020 amid accusations of sexual harassment, financial impropriety, and obstruction against the team and Snyder himself.
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 several investigations, including a congressional probe.
Snyder and the team are still under investigation by former US Attorney Mary Jo White, who was retained by the league to look into various aspects of the organization stemming from a congressional review into workplace misconduct that also included a referral to the Federal Trade Commission for potential business improprieties.
A spokesperson declined to comment when asked if Snyder had refused to speak with White, saying it’s a confidential matter between the club and the league.
Cowboys owner Jerry Jones said Snyder’s situation has changed their relationship
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