The NFL has scheduled a meeting for July 20th where team owners are anticipated to vote on the proposed sale of the Washington Commanders. Billionaire Josh Harris leads the group aiming to acquire the franchise from current owners Dan and Tanya Snyder for a record-breaking $6.05 billion. The Washington Post initially reported the meeting date. The purchase agreement was finalized between the two parties on May 12th. Harris, who also co-owns the Philadelphia 76ers and New Jersey Devils, is poised to take the helm of the Commanders pending the outcome of the vote.
The Commanders' name and logo are displayed at the team's facility in Ashburn, Virginia.
League regulations mandate a three-fourths majority (24 out of 32 owners) to approve the sale. Typically, owners align with the finance committee's recommendation. Following a July 2022 meeting where the committee endorsed the sale of the Denver Broncos to a group headed by Rob Walton, the owners subsequently ratified the decision the following month. The finance committee recently convened with Harris in New York. Indianapolis Colts owner and finance committee member Jim Irsay expressed optimism about the bid's success, citing the group's enthusiasm and track record. He anticipated a mid-to-late July league meeting for the final decision. However, Irsay also acknowledged concerns about the deal's debt load and equity, as NFL rules restrict new owners to a maximum of $1.1 billion in debt and require a 30% down payment. The investment group also includes billionaire Mitchell Rales and basketball icon Magic Johnson. Harris's bid reportedly outpaced a $6 billion offer from Canadian billionaire Steve Apostolopoulos.
Josh Harris speaks to the media at the Prudential Center in Newark, New Jersey.
The Commanders and Dan Snyder remain under investigation by former U.S. Attorney Mary Jo White regarding allegations of workplace misconduct and potential financial improprieties. The NFL appointed White in February 2022 following accusations of sexual misconduct against Snyder, which he vehemently denied. Recently, the Commanders settled lawsuits with Maryland and the District of Columbia related to season-ticket holder deposits. The team's on-field performance has been lackluster under Snyder's ownership, with a 164-220-2 record and their last playoff victory in 2005. This contrasts sharply with the franchise's earlier success, which included five Super Bowl appearances and three victories between 1971 and 1992.
Washington Commanders owners Tanya and Dan Snyder at AT&T Stadium in Arlington, Texas.
