The sale of the Washington Commanders may be delayed due to a last-minute effort by former Duke star and NBA player Brian Davis. Davis is attempting to trump the $6.05 billion bid from a group led by billionaire Josh Harris, which includes fellow billionaire Mitchell Rales and NBA legend Magic Johnson.
Davis placed a $7 billion cash bid on March 21, according to WUSA-9’s Darren Haynes. Last week, Harris’ group agreed in principle to a non-exclusive deal to buy the NFL franchise from Daniel Snyder. While Harris hopes to finalize the deal, other bids are allowed.
Many have been skeptical of Davis since word broke last month about his offer by The Sports Junkies of 106.7 the Fan. How could someone with a relatively unknown net worth have $7 billion to offer?
A.J. Perez of Front Office Sports may have shined a light on the situation. According to Perez, funding for Davis’ bid may be tied to the Middle East. One source told Perez it was coming from Israel. Yet, another says the money is from Saudi Arabia.
Saudi Arabia recently dabbed into sports, creating LIV golf as an alternative to the PGA. The nation was rumored to be interested in buying World Wrestling Entertainment until its recent merger with Endeavor.
While one source says the money is “clean” and “vetted,” it may be difficult for the bid to get approved by other NFL owners. The Middle East connection, particularly Saudi Arabia, could be a PR nightmare for the league with the nation’s human rights abuse.
Plus, Davis’ reputation as a businessman is not good. He — and his partner, former Duke and NBA teammate Christian Laettner — have been sued multiple times over failed investments.
Chicago Bulls legend Scottie Pippen sued and won $2.55 million from Davis after a failed attempt to buy the NBA franchise, the Memphis Grizzlies. Later, former NFL player Shawne Merriman sued Davis and Laettner and won $4 million for a defaulted loan in a real estate project.
There’s a list of others, including basketball star Johnny Dawkins, who have successful suits against Davis.
Even with the $7 billion bid being legit, Davis still must provide $2.1 billion (30%) of equity by himself to complete the sale. Haynes reported Davis raised a $50 billion valuation for his energy company, Urban Echo Energy.
But according to Perez, whoever is backing the Commanders’ bid may flood funding through the energy company. The NFL’s finance committee would factor that into their process and decision.
Nonetheless, until Harris’ group finalizes its sale attempt, speculation will persist about Davis’ bid.
