The sale of the Washington Commanders will not go to a vote during next week’s NFL owners’ meetings. NFL executive vice president Jeff Miller confirmed there would be no vote when owners convene in Minnesota starting Monday.
Miller said the owners will receive an update on the purchase and sale agreement between Dan Snyder and Josh Harris.
“The transaction was just presented to the league on Friday,” Miller said, per A.J. Perez of Front Office Sports. “There is work that goes into that, and staff is doing that now.”
The NFL finance committee will continue to review the $6.05 billion agreement. The committee has had the framework of the deal for some time. The group raised concerns that ESPN recently highlighted.
Those concerns include the size of the purchasing group led by Harris. There are at least a dozen limited partners, including DC billionaire Mitchell Rales, NBA legend Magic Johnson, and South American billionaire Alejandro Santo Domingo.
The NFL’s other most recent sales, the Carolina Panthers and Denver Broncos did not require a lengthy list of limited partners.
Harris’ liquidity is also a concern. Owners wonder if Harris can muster reserves in the event of a downfall with the
Commanders. Harris, who also owns the Philadelphia 76ers and New Jersey Devils, has a net worth of $5.9 billion. While owners are not allowed to borrow more than $1.1 billion against an NFL team, expectations are Harris’ bid includes borrowing against the 76ers and Devils.
Despite the uniqueness of Josh Harris’ bid, the NFL wants to rid itself of Dan Snyder. That is why an ESPN source said, “no way” owners would otherwise approve the Commanders’ sale to Harris, if not for the disdain the league has for Snyder.
There are also potential issues with Snyder’s indemnification, the Mary Jo White investigation, and other matters, including the Commanders’ $1 billion debt to the NFL.
Miller did not provide a timetable for the sale. However, the expectation is later in the summer. There is optimism that the agreement will get finalized before the Sept. 10 start of the 2023-24 regular season.
