The NFL remains concerned about the $6.05 billion bid from Josh Harris and his investors’ group to buy the Washington Commanders from Daniel Snyder. However, the league is desperate to get rid of Snyder, and owners around the league are ready to approve the sale.
According to Seth Wickersman and John Keim of ESPN, several NFL and ownership sources indicated there is “no way” owners would approve Harris’ bid if not for the disdain for Snyder pushing the sale.
The NFL’s finance committee convened last week to review the details of Harris’ bid. According to the ESPN report, the committee has concerns about Harris’ liquidity stemming from the number of limited partners included.
The Harris group consists of at least a dozen limited partners, including DC billionaire Mitchell Rales and NBA legend Magic Johnson. Having so many partners is considered risky. Owners wonder what reserves Harris has to lean on if the Commanders have financial trouble.
“It’s taking some creative financing,” an owner told ESPN.
Harris has a net worth of $5.9 billion, per Forbes. He is the principal owner of the Philadelphia 76ers of the NBA and the managing owner of the NHL’s New Jersey Devils through his holding company, Harris Blitzer Sports & Entertainment.
Josh Harris is relying on his projections that the Commanders will more than double the team’s local revenue to at least $380 million by 2031. His projections hearken back to the Washington franchise’s past when the team led the NFL in local revenue metrics and attendance before fans and sponsors lost interest due to the scandals and allegations that pursued Snyder.
That notion is sure to ease the concerns of other NFL owners. Last year, the Commanders made $173 million in local revenue, according to a 43-page prospectus by Harris Blitzer Sports & Entertainment obtained by ESPN. The Commanders ranked last among the 32 NFL teams in attendance last season. Those metrics were affected by the fan base’s disinterest and hate for Snyder.
The league has to believe that those numbers will change in a positive way once Dan Snyder is no longer the owner.
NFL owners are faced with the choice of seeing Harris’ projections through or watching a once-storied franchise continue to wither financially under Snyder.
