Dan Snyder has taken a step to sell the Washington Commanders. According to Sportico, Philadelphia 76ers, and New Jersey Devils owner Josh Harris has reached a deal in principle to buy the Commanders for an NFL record $6 billion.
Snyder and Harris hope to execute a contract in the coming days. If the deal is finalized, it would surpass the $4.65 billion the Denver Broncos sold last year.
News of the agreement comes a day after word broke that Amazon founder Jeff Bezos would not submit a bid for the Commanders. Speculation brewed of Bezos’ interest in the team since Snyder explored a sale in November.
Snyder bought the Washington franchise in 1999 for a then-NFL record $800 million. The Commanders are now valued at $5.6 billion according to Forbes.
Josh Harris is a native of suburban Washington, D.C. He leads an investor group that consists of fellow DC billionaire Mitchell Rales and NBA legend Magic Johnson. Earlier this month, Johnson confirmed their bid on the TODAY Show, saying “I need a Super Bowl ring.”
Harris’ group would beat out bids from Houston Rockets owner Tilman Fertitta and Canadian billionaire Steve Apostolopoulos. Fertitta told CNBC on Wednesday, he placed a $5.6 billion but at some point, he has to “draw a line in the sand.”
Snyder now needs to submit a proposal to the NFL and its finance committee. Then the other NFL owners must approve the sale in a vote. Given the timing of the agreement, the league owners could vote as early as May’s NFL owners’ meetings in Minneapolis.
