Josh Harris

No NFL Vote Imminent On Josh Harris’ Commanders Purchase

May 19th, 2023 at 9:53am CST by Sam Robinson

The prospect of next week’s owners meetings being the venue for a ratification vote on Josh Harris‘ Commanders purchase looked like a long-shot proposition. The NFL has since confirmed no vote will take place at the May 22-23 set of spring meetings in Minneapolis, according to the Associated Press.

Harris’ $6.05 billion exclusive sale agreement with Dan Snyder remains under standard review, and the deal’s complications will almost definitely drag this process out well into the summer. While Harris (and an expansive number of investors) are prepared to put up a record-shattering price for the Commanders, speedbumps have emerged.

Last year’s Broncos sale — a sweepstakes that featured Harris’ group finishing second — brought a two-month gap between Rob Walton‘s then-record-setting bid ($4.65 billion) to his August 9 ratification. As expected, the Walmart heir’s group encountered no turbulence. The league vetted Harris — who owns the Philadelphia 76ers, New Jersey Devils and Premier League club Crystal Palace — during the run-up to Walton’s Broncos acquisition, but issues with the structure of his Commanders bid have caused concern among other owners, ESPN.com’s John Keim adds.

The sale must go through the NFL finance committee and then receive 24 votes from the other owners to be ratified. The number of partners in Harris’ group (north of 12) will lengthen the vetting timetable, especially with some of the investors based outside the country. Magic Johnson, billionaire Mitchell Rales and David Blitzer, who is part of Harris’ Devils and 76ers ownership groups, are among the investors.

Matters pertaining to the NFL’s debt limit, with league rules stipulating buyers of teams being able to borrow up to $1.1 billion secured against the franchise, also serve as barriers en route to Harris’ purchase. The finance committee considers the Harris deal well above the debt limit, per Mark Maske and Nicki Jhabvala of the Washington Post. No red tape regarding financial construction would have likely emerged had Amazon founder Jeff Bezos submitted a bid, but the longtime Snyder nemesis did not do so. Bezos bowing out immediately preceded Harris moving into pole position.

These hurdles have led to rumors that this Harris bid would not be approved were it not for owners’ desire to see Snyder’s scandal-ridden ownership tenure end. That said, Harris’ group contends, per Keim, the NFL has not voiced concerns about the sale agreement to this point. That chapter may be in store, but for now, the league continues its examination stage regarding Snyder’s exit.

Latest On Potential Commanders Sale

May 17th, 2023 at 9:52pm CST by Ely Allen

ESPN’s Seth Wickersham and John Keim recently reported on a prospectus drafted by Harris Blitzer Sports & Entertainment and its advisers. The “Harris” of that group is in reference to 76ers co-owner and potential buyer of the Commanders, Josh Harris. Harris and company drafted the 43-page document, titled “Commanders Investment Opportunity” and marked as “Privileged & Confidential,” to help pitch potential limited partners to buy into the deal with Harris.

The reason this seems unfamiliar is because, in the past, buyers of franchises have historically been able to afford the purchase without the help of limited partners. As franchise prices continue to skyrocket, though, it should be expected that what has become known as an unnecessarily complicated financial agreement will be become the new norm.

In the document, Harris paints the picture of a future for the Commanders that includes boosted attendance, increased ticket sales and sponsorship revenue, and even a new stadium. There are almost certainly specific plans to address these assignments, but the report focuses on Harris’s assertion that the mere removal of current ownership should greatly assist in propelling the franchise towards those end goals.

Harris argues that the recent spiraling in attendance, ticket sales, and sponsorship revenue are all direct consequences of “allegations against current ownership.” He points out that the franchise has, historically, ranked among the best in the league for local revenue metrics and attendance, and that, with new ownership, opportunities will arise to help restimulate and drive local revenue. Harris predicts that the potential new ownership will more than double this year’s local revenue ($173MM) by the 2031-32 season, quoting estimates of $380MM or $466MM if the team were to build a new stadium.

On that front, Harris offers both the idea of auctioning off naming writes as an instant opportunity for cash as well as hope that FedEx Field may soon be vacant. Soon is a relative term, as the prospectus offers 2031 as a moving date, much later than recent executive rumors of 2027-28, when the team’s current contract expires. It mentions that the new stadium could be built on its current site or at the site of Robert F. Kennedy Memorial Stadium near the Capitol but proposes that Virginia may offer the best incentives. A stadium bill had been passed in the Virginia House and Senate before the infamous allegations killed the bill before it could get to the governor.

The prospectus did its job of helping Harris to pool together multiple limited partners and make his bid, but the complications of the situation do not stop there:

It’s been reported plenty that the NFL finance committee has several points of contention with the current Harris-Commanders deal. One of the reported issues, according to Mark Maske and Nicki Jhabvala of The Washington Post, is a reported “earnout” incentive in the deal. The “earnout” is reportedly a structure that would provide the seller, Dan Snyder, with “a deferred payment of an amount contingent on the franchise reaching specified financial benchmarks.” Its inclusion has been tabbed as one of many markers of an unusually complex agreement.
The Commanders face further turbulence as the sale continues to stall. Jhabvala and Maske report that the team has been fined $425K by the District of Columbia and required to “refund more than $200K in deposits to D.C. ticket holders.” This punishment is reportedly part of a settlement reached with the office of D.C. Attorney General Brian L. Schwalb. Schwalb told The Post that the team “improperly held on to security deposits that it was required to return…misused those moneys…knowingly used the security deposit for purposes it wasn’t supposed to use the money for…(and) knowingly made it unnecessarily difficult for fans to get their money back.” Despite agreeing to the settlement, the team denies all the allegations listed above by Schwalb, according to Tom Pelissero of NFL Network.
Lastly, in a bit of an older report from Maske and Jhabvala, legal representatives of more than 40 former Washington employees have urged for an added stipulation to the sale. The attorneys have asked NFL commissioner Roger Goodell and the league’s team owners to prohibit Snyder “from suing his accusers who participated in the investigations as a provision of the sale of the franchise.” In a letter sent to Goodell, the attorneys requested that Goodell and company include “a contractual provision that forbids Mr. Snyder from initiating litigation against any of the individuals who participated in the various investigations into the team, including but not limited to” the 40-plus clients they represent. Due to Snyder’s “well-earned reputation for being vindictive and litigious,” the group fears retaliation for their clients’ participation.

Latest On Commanders Sale

May 14th, 2023 at 1:04pm CST by Adam La Rose

The next major step toward a formal sale of the Commanders took place recently, with Dan Snyder and Josh Harris announcing that a sale agreement is in place. The deal may not become official in time for the next owners’ meetings, however.

A report from the Washington Post’s Mark Maske and Nicki Jhavbala notes that the agreement in place “probably would not be approved without some revisions” under normal circumstances. Momentum for Harris taking over the embattled franchise, they add, stems primarily from the “strong desire” to see Snyder displaced as owner, rather than the offer being clear of issues.

The latter point has been mentioned as a potential hurdle to a quick approval of the deal. Finances are at the heart of concerns the NFL’s finance committee may have, though clarity has recently emerged regarding the various investors involved in the Harris bid. NBA icon Magic Johnson and billionaire Mitchell Rales are among those contributing to the record-breaking $6.05 billion sales price, though several other individuals are on board as well.

The next league meeting will take place May 22-23, which will be after the recommendation from the finance committee regarding approval of the sale is made. As the Post report notes, it is now “increasingly unlikely” that ratification will take place at that time. Instead, the league’s owners (at least 24 of whom will need to vote in favor of the deal to make it official) might only be updated on the status of the Harris bid, with a formal vote taking place “in the coming months.”

That would follow a similar timeline to last year’s Broncos sale, in which Harris was the runner-up. The vetting process on the Philadelphia 76ers and New Jersey Devils owner already took place then, which should help the Commanders sale move along at a steady pace in the coming weeks. Barring any further complications regarding Snyder and the ongoing investigations into sexual misconduct and financial improprieties, this saga could still reach an end during the 2023 offseason.

Dan Snyder, Josh Harris Reach Commanders Sale Agreement

May 12th, 2023 at 10:10pm CST by Sam Robinson

Josh Harris‘ push to acquire the Washington Commanders is nearing the goal line. The Philadelphia 76ers owner reached a sale agreement with Dan Snyder on Friday, Adam Schefter of ESPN.com reports (on Twitter).

The parties unveiled a joint announcement on the sale. Harris submitted a record-shattering bid for the franchise in late March. After Harris raised his bid to $6.05 billion in April, the NFL began reviewing it. This is an exclusive sale agreement, Mark Maske and Nicki Jhabvala of the Washington Post report, walling off the Harris competitors that previously lurked in these proceedings. The parties’ previous deal had kept that window open for others, but Harris had remained the frontrunner to make the deal.

Although some hiccups emerged, it does not appear they will deter the NFL from greenlighting this sale. Once NFL owners approve of the sale — as they have long been expected to — the Commanders will be transferred to Harris’ ownership group. The next owners’ meetings are set for May 22-23 in Minneapolis. This would represent the first opportunity for the owners to approve Harris, though the vetting of Harris’ large investment group is unlikely to be completed by that point.

Since his 2022 ownership group finished second in the Broncos sweepstakes, Harris has been vetted by the league. Reaching the necessary 24-vote threshold is not believed to be an issue here. Friday’s announcement makes it all but certain the Commanders will have a new owner by the start of the 2023 season, but Maske adds (via Twitter) it might take months before a ratification vote is held (Twitter link).

After the NFL finance committee met this week, issues involving Harris meeting certain requirements — this ownership group’s number of limited investors and the amount and source of the debt involved in the deal — emerged. Harris, the lead investor here, must have at least a 30% equity stake in the franchise. With the NFL eager to see Snyder moved out of the picture, concerns surrounding the multisport owner’s group have not been viewed as enough to derail an agreement.

Harris’ ownership group, which includes NBA legend Magic Johnson and billionaire Mitchell Rales, needed to outflank a bid from Canadian billionaire real estate developer Steve Apostolopoulos and another from Houston Rockets owner Tillman Fertitta. The late-emerging bid from ex-Duke basketball player Brian Davis, which raised a number of questions, never looked to be seriously considered. Harris is a Washington D.C.-area native.

“Growing up in Chevy Chase (Maryland), I experienced first-hand the excitement around the team, including its three Super Bowl victories and long-term winning culture,” Harris said. “We look forward to the formal approval of our ownership by the NFL in the months ahead and to having the honor to serve as responsible and accountable stewards of the Commanders franchise moving forward.”

While Harris’ arrival will generate intrigue, considering he also owns the NHL’s New Jersey Devils and Premier League’s Crystal Palace, Snyder’s exit will be embraced by the league. The outgoing owner’s increasingly scandal-clouded tenure — one that has also seen Washington’s on-field performance suffer throughout the unpopular leader’s run — has represented a black mark on the NFL. The House Oversight Committee recently concluded its investigation into Snyder and the Commanders, finding financial impropriety and rampant workplace misconduct, and the NFL’s second probe into the embattled owner is near completion.

An ESPN report surfaced Friday indicating Snyder seeks to prevent the NFL’s Mary Jo White-led investigation from producing a full report. The NFL’s decision to nix a written report coming out of its previous probe — one that led to a $10MM Snyder fine and a de facto suspension — brought sweeping criticism and prompted the Oversight Committee investigation and this White-run inquiry. Snyder did not cooperate with White’s investigation, and Don Van Natta and Seth Wickersham report the outgoing owner has aimed to limit the findings released to the public. But White’s report has long expected to be released. Snyder reaching a sale agreement is not known to be contingent on White’s report or protection for Snyder against future litigation.

The ESPN report that accused Snyder of gathering dirt on several owners and Roger Goodell — for leverage purposes — began the chain of events that produced this sale agreement. Snyder, who had previously said he would never sell the team, soon hired a firm to explore a sale. Although Snyder sought a reported $7 billion, he will still fetch a record-shattering price. When the Rob Walton-fronted ownership group bought the Broncos for $4.65 billion last summer, no previous NFL franchise had even sold for $3 billion. Harris’ purchase will more than double what David Tepper paid for the Panthers in 2018.

Snyder bought this franchise in 1999 for barely $800MM. Snyder’s reputation has absorbed numerous blows, and while he remains engulfed in multiple investigations, this sale obviously represents a tremendous return on investment. The NFL has never voted out an owner, and the sale will prevent the league from a serious push in this direction. Assuming the NFL OKs Harris’ purchase, he will get to work on repairing a downtrodden organization, one that has not seen consecutive playoff berths since the early 1990s.

Josh Harris-Commanders Deal Faces Hurdles

May 10th, 2023 at 8:56pm CST by Ely Allen

The situation surrounding Dan Snyder‘s potential sale of the Commanders seemed nearly over as reports appeared to be pointing towards a sale to the Josh Harris-led group last month. As a result of the NFL finance committee’s review of the potential sale, questions have been raised about the integrity of the deal, according to Daniel Kaplan of The Athletic. The main concerns lie on two fronts: 1) the number of limited investors involved in the deal and 2) the amount and source of the debt involved in the deal.

The NFL currently has a set cap for how many limited partners may be involved in an ownership group, currently set at 25. The Harris group contains approximately 17 limited partners. While that group is under the league’s cap, each investor requires extensive vetting and, with some investors located internationally, the vetting process becomes that much more cumbersome.

As for the debt involved, “buyers of teams can borrow up to $1.1 billion secured against the franchise,” something Harris proposes he will do. The problem stems from the fact that he also intends to borrow more with debts secured against the other sports teams in which he holds stake, the Philadelphia 76ers, New Jersey Devils, and Crystal Palace FC of the English Premier League.

Similar deals have been made in the NFL with limited partners. Snyder’s original purchase of the team included this method of sourcing debt. The issue lies in the fact that it is the controlling partner, Harris, who is borrowing against his own businesses. If a limited partner defaults on his loans, it wouldn’t affect the controlling party, but the committee has concerns about the possibility of Harris defaulting on his debts as the controlling partner.

It’s not the opinion of the public that the deal will be rejected over these issues, according to Mark Maske and Nicki Jhabvala of The Washington Post, but the additional hurdles may push the timeline of the deal, making it “increasingly unlikely the owners can vote to approve the transaction, even on a conditional basis, during their May 22-23 meeting in Minneapolis.” Some solutions that have been proposed are the result of the deal’s extenuating circumstances. For instance, a suggestion that Snyder himself may extend a loan to the Harris group in hopes of getting the deal over the finish line. The loan would be approximately $200MM.

Another thought was that the league may conditionally approve a rise in the allowance of debt. Due to the recent skyrocket of franchise prices (Panthers for $2.28 billion in 2018, Broncos for $4.65 billion in 2022), the NFL figured that it would become increasingly difficult for buyers to acquire teams under the current debt rules. There are still some potential bidders who may be able to go through with the purchase under the current rules, but with rising prices, that only makes an already extremely selective process that much more difficult.

There’s still optimism the deal with get approval, in due time. A source close to Harris aptly said, “It’s dragging through the NFL because they’ve never had to evaluate this type of bid. The NFL’s choice is getting Dan out (by) working through Josh’s complexity. I think they’ll find a way, but no guarantees.”

Investors In Josh Harris’s Investor Group Identified

May 7th, 2023 at 6:28pm CST by Ely Allen

The wait continues for the eventual sale of the Commanders from current owner Dan Snyder to the group headlined by Josh Harris. As the days pass without a final resolution, we continue to learn more and more about the situation.

Particularly, we’ve continued to acquire information concerning the makeup of Harris’s group. Long rumored to be involved in the sale, basketball legend Magic Johnson was confirmed by Ben Volin of the Boston Globe to be a minority investor. Johnson is reportedly expected to be in for about four percent of the purchase or approximately $240MM. Co-founder of the Danaher Corporation Mitchell Rales was also confirmed to be involved, according to Mark Maske and Nicki Jhabvala of The Washington Post.

Another limited partner was identified to be South American billionaire Alejandro Santo Domingo and his family, according to Scott Soshnick and Eben Novy-Williams of Sportico. The Santo Domingo family is worth approximately $12.2BB thanks to a portfolio that includes the likes of Anhueser-Busch InBev, Chilean bank Corpbanca, and Spanish bank Inmobiliaria Colonial. They are believed to be the richest family in Colombia, and Santo Domingo himself has an estimated net worth of $2.8BB, according to Maske and Jhabvala.

Additionally, ex-CEO of Google Eric Schmidt has been confirmed as another investor in the group, according to Giles Turner and Heather Perlberg of Bloomberg. Schmidt’s net worth is estimated around $21.7BB by some sources and $18.1BB by others. Schmidt left Google in 2018 and Alphabet, Google’s parent company, a year later.

While all these names have been confirmed as participating, one name was confirmed as not investing. Despite some speculation that former Washington head coach Joe Gibbs would be joining the investment group, it appears his only involvement in the sale is on an advisory basis. According to John Keim of ESPN, Gibbs “is close to Harris and has provided insight/counsel.”

Latest On Dan Snyder, Potential Commanders Sale

May 4th, 2023 at 4:56pm CST by Adam La Rose

While hurdles remain to be cleared, the process of the Commanders being sold from Dan Snyder to the group led by Josh Harris continues to move forward. It includes unorthodox developments, but could reach a conclusion in the near future.

NFL officials are currently in conversation with Snyder’s representatives, as detailed by Mark Maske and Nicki Jhabvala of the Washington Post. The end result of those talks is expected to be a conditional acceptance of Harris’ $6.05 billion bid, which is nonexclusive and currently being vetted to resolve what are believed to be relatively minor issues.

This saga has played out much differently than the most recent team sale (Rob Walton purchasing the Broncos last summer) due to the outstanding legal troubles Snyder faces. He is still under investigation from the league, something which will produce a written report from Mary Jo White upon its conclusion, regardless of where the sales process stands at that point. Maske and Jhabvala add that White is expected to make one final attempt to speak with Snyder directly as part of her investigation.

With that – along with federal inquiries into alleged financial improprieties – hanging over Snyder, his presumed exit from the league is likely to occur in stages, per the Post. That could include approving the Harris bid while stopping short of formally ratifying it, as negotiations continue regarding Snyder’s protection from future legal action and the desire of other owners to do the same with respect to actions taken by Snyder himself.

Conflicting reports have emerged on the point of indemnification, something the league has been thought to be firmly opposed to. However, Snyder is no longer believed to specifically be seeking indemnity as part of the sales agreement (Twitter link via NBC Sports’ JP Finlay). How quickly an agreement can be reached on this front will no doubt go a long way in determining the timeline of Harris officially taking over as owner.

On that point, NFL commissioner Roger Goodell recently indicated, via Maske, that a sale could be finalized by the middle or end of May. The league’s finance committee is due to meet on May 10 and will review the remaining details to be worked out in the Harris bid before the next owners’ meeting 12 days later. If all goes well, that could be the point at which a ratification vote – which would require the approval of at least 24 owners – could take place.

As noted by A.J. Perez of Front Office Sports, that final step should not be in doubt. The NFL is treating the Harris bid “as if it’s a done deal,” he notes, adding the final approval by the league is considered “a lock” at this point. The Philadelphia 76ers and New Jersey Devils owner has backing from a number of other individuals, including NBA legend Magic Johnson and was a finalist to purchase the Broncos last year.

Canadian billionaire Steve Apostolopoulos said last month that he considers himself to still be in the running against Harris, and a late-emerging development could still alter the approval process given how fluid the situation remains. It appears, though, that the spring could mark the official end of Snyder’s tenure at the helm of the Commanders.

Steve Apostolopoulos Still In Contention To Purchase Commanders?

April 24th, 2023 at 2:52pm CST by Adam La Rose

The news of an agreement being reached between Dan Snyder and the group led by Josh Harris for the latter to purchase the Commanders appeared to mark a conclusion in the team’s latest saga. As far as one party involved in the sales process is concerned, though, that may not be the case.

During an appearance on CNBC’s Squawk Box, Canadian billionaire Steve Apostolopoulos said that he considers himself to still be “in the hunt” (video link). He, along with Harris, submitted fully-funded bids for the Commanders, which appeared to narrow the field to the two of them (with Amazon founder Jeff Bezos representing a notable absentee).

While Brian Davis has reportedly entered the fray with a $7 billion offer, Apostolopoulos added that he sees the situation as a “head to head process” between himself and Harris. The latter, owner of the Philadelphia 76ers, New Jersey Devils and Premier League club Crystal Palace, has a standing bid of $6.05 billion – a figure which would comfortably exceed the sales price of the Broncos last offseason which broke the North American sports record.

The NFL will formally review the Harris bid, something which should take less time than the vetting process he went through in 2022 as a bidder for the Broncos. At first glance, no major major obstacle to his deal with Snyder being ratified – which will require the approval of at least 24 owners – exists.

As detailed by Mark Mask and Nicki Jhabvala of the Washington Post, there are thought to be only minor issues in the Harris bid, which should be resolved with relative ease. As a result, they report that Harris’ offer “almost certainly will be ratified” by the NFL and its owners, which would officially take Apostolopoulos out of the running and conclude Snyder’s scandal-ridden tenure at the helm of the organization.

The matter of indemnity could be a key factor in the Harris bid being accepted. His offer currently contains a clause which would partially protect Snyder from future legal action, and the willingness shown by other owners to approve it could go a long way in bringing the agreement over the finish line. For now, at least, Apostolopoulos is holding firm in his belief that he could ultimately overtake Harris as the successful bidder.

NFL To Review Dan Snyder-Josh Harris Commanders Sale Agreement

April 17th, 2023 at 7:49pm CST by Sam Robinson

7:49pm: Harris and Snyder’s agreement includes language that would partially indemnify Snyder for future litigation, Daniel Kaplan and Ben Standig of The Athletic report (subscription required). It is unclear how far this language extends, but the NFL has not yet approved the clause.

Embroiled in a few investigations since the House Oversight Committee wrapped its probe late last year, Snyder has sought indemnity from both the buyer and the league, per The Athletic. This could explain why there have not been any Snyder-driven complications since reports of talks with Harris surfaced last week. The league has been against an agreement that provided Snyder this sort of protection, but seeing as it has been widely reported the NFL wants the 24-year Commanders owner gone, this could be an interesting test on that road.

5:09pm: Although some uncertainty about who exactly will buy the Commanders surfaced this weekend, Josh Harris still looks to be the favorite. The Philadelphia 76ers and New Jersey Devils owner’s bid has been sent to the NFL for review, Sportico reports (on Twitter).

Harris is believed to have submitted a $6.05 billion bid for Dan Snyder‘s franchise. Former Duke basketball player (and Washington D.C. native) Brian Davis is believed to have come in with an unexpected offer of $7 billion and reported preparations to satisfy Snyder’s request for indemnification, but Harris, who is also a D.C.-area native, is by far the safer choice here.

The NFL vetted Harris during his pursuit of the Broncos last year, and while Rob Walton‘s $4.65 billion bid won out, Harris finished second in that race and is well-regarded by NFL owners. Monday’s development moves this process closer to completion, as Harris is not expected to run into any hurdles in clearing the 24-vote barrier to be approved as the next Commanders owner. Harris’ group also includes NBA legend Magic Johnson and billionaire Mitchell Rales.

Following the review, the next step will be for the league to send the papers back to Snyder and Harris for signatures or ask the parties to amend the agreement. Signatures would put this sale in position for a league vote, potentially as soon as the next round of owners’ meetings — set for May 22-24 in Minneapolis.

Until signatures emerge, however, the door remains open for other bidders to step in. Canadian real estate billionaire Steve Apostolopoulos remained in the running as of late last week, but Houston Rockets owner Tillman Fertitta said he would not raise his bid from the $5.6 billion place. Amazon founder Jeff Bezos‘ refusal to submit a bid looks to have accelerated this process, with a Harris acquisition appearing imminent hours later.

Not previously known to be involved in this pursuit, Davis either came in at the 11th hour or led the aforementioned mystery fourth ownership group. WUSA9 reported Davis is willing to indemnify Snyder — meaning he would assume any legal liability stemming from the investigations currently surrounding Snyder — and would pay the first billion within 24 hours. The remaining $6 billion, per WUSA9, would be paid out within a week. For now, at least, Harris still looks like the clubhouse leader.

Neither the Broncos nor the Panthers went to the highest bidder, with Albert Breer of SI.com noting the Pat Bowlen Trust passed on Harris’ $5 billion offer because the proposal could not be shopped. Walton had long been expected to top any bid that came in; shopping that offer would have likely put Harris to a decision on raising his price. Even though Ben Navarro‘s Panthers bid came in higher than David Tepper‘s, Jerry Richardson sold to Tepper, a former Steelers minority owner who sailed through the vote process.

Owners have shot down Snyder’s aim at indemnification, but that may well remain a wild card here. Snyder is still the subject of multiple investigations, including the NFL’s second probe into Commanders workplace misconduct and financial impropriety and an inquiry by D.C. Attorney General Brian L. Schwalb’s office. The latter investigation is ongoing, with the Washington Post’s Nicki Jhabvala indicating (on Twitter) a Commanders sale will have no bearing on the AG’s investigation into Snyder, Roger Goodell and the NFL. The NFL reversed course on releasing a public report in its first Snyder investigation, generating widespread scrutiny, but NBC Sports’ Peter King adds a sale will not change plans for the current Mary Jo White probe to include a summary of findings.

A desire for Snyder to be out of the league has led to the NFL’s silence regarding a potential sale thus far, King adds. Snyder has owned this franchise since 1999, buying it for $800MM. The embattled owner’s return on investment aside, his tenure has sunk the reputation of a three-time Super Bowl-winning franchise. The investigations of recent years — and the report of Snyder gathering dirt on Goodell and select owners — led to the prospect of a sale, a path Snyder had insisted he would not take. That journey now nears the end zone, though it is not yet final.

Josh Harris Raises Bid For Commanders; Brian Davis Still In Play

April 16th, 2023 at 12:41pm CST by Sam Robinson

APRIL 16: The fact that Snyder’s agreement with Harris is a non-exclusive one could be a factor as the sale of the Commanders nears its conclusion. Per Darren Haynes, Laura Wainman, and Erin Spaht of WUSA9, Washington, D.C. native Brian Davis has made a $7 billion cash bid to purchase the club. Davis would become the NFL’s first Black owner if his bid were to accepted.

The WUSA9 trio add that Davis is willing to indemnify Snyder — meaning he would assume any legal liability stemming from the investigations currently surrounding Snyder — and would pay the first $1 billion within 24 hours. The remaining $6 billion would be paid out within a week.

It is easy to see the appeal of such a proposal, and as of Thursday evening, Bank of America — which is handling the the sale offers — was still in communication with Davis.

APRIL 13, 7:15pm: The finish line appears in sight as Snyder has reportedly reached an agreement with Harris’ group to sell the team for $6.05 billion, according to Rapoport of NFL Network. Rapoport tempers the excitement a bit by pointing out that the agreement is not exclusive, meaning another bidder could theoretically still come in and bid higher for the franchise. The deal has been agreed to but is not yet official. Barring any snags in the process, however, Harris is expected to become the next owner of the Washington Commanders.

2:58pm: Harris looks to have increased his offer. The NBA and NHL owner submitted a $6.05 billion bid for the Commanders, Rapoport reports (on Twitter). This is expected to be the winning bid for the franchise. No papers have been signed just yet, and Adam Schefter of ESPN.com reports (via Twitter) Apostopoloulos is not completely out of the running. But Harris appears on the cusp of buying the team from Snyder.

This can be classified as a preliminary agreement, according to the Washington Post, and the Commanders are close to becoming the first American sports franchise to sell for more than $5 billion. This approximately $6 billion price will smash the record the Broncos set last year. Walton’s Denver offer obliterated the previous NFL record; Harris’ bid will be worth nearly triple what Tepper paid to acquire the Panthers in 2018.

12:48pm: Apostolopoulos has not bowed out of the pursuit yet. The Canadian billionaire real estate developer is believed to be in a “head-to-head race” with Harris, according to ESPN.com’s John Keim. Apostolopoulos joined Harris, Houston Rockets owner Tillman Fertitta and an anonymous group in bidding on the team.

Citing a recent Forbes valuation, Fertitta bid $5.6 billion as well, Jhabvala adds (Twitter link). Harris is not planning to increase his bid, and Fertitta does not sound like he will move much higher. No NFL vote on either Harris or Apostolopoulos will likely be held, per Keim, until the next round of owners’ meetings, which are set for May 22-24 in Minneapolis. But it does not appear the Commanders’ next owner is known just yet.

12:15pm: Less than 24 hours after reports indicated Jeff Bezos did not plan to bid on the Commanders, a sale is near the finish line. Josh Harris and Dan Snyder are nearing an agreement, Ian Rapoport of NFL.com reports (on Twitter).

Harris, who owns the Philadelphia 76ers and New Jersey Devils, bid $5.6 billion for the franchise, Mark Maske and Nicki Jhabvala of the Washington Post report. No terms have been submitted to the league, and Harris’ prospective purchase will still need to be approved by at least 24 NFL owners. Snyder has not informed the NFL he is selling just yet, but Maske adds (via Twitter) the hope is an agreement will be reached in the coming weeks. The approval part of a deal is expected to be a formality, with Harris having been vetted during his run at buying the Broncos last year.

This process, which began late last year when Snyder hired a firm to explore selling the team after 23 years as owner, looks to be close to the goal line. Sportico reports Snyder and Harris have agreed in principle (Twitter link). Harris’ ownership group includes NBA legend Magic Johnson and billionaire Mitchell Rales.

Snyder, 58, bought the franchise in 1999 for $800MM. Snyder’s ownership tenure has been roundly criticized, and scandals have engulfed him for years. The repeated investigations into workplace misconduct and financial impropriety moved a possible vote to remove Snyder from his post onto the radar. A sale, however, has always been the NFL’s preferred outcome. No owner has ever been voted out. Instead, Snyder looks to be stepping away on his own. Further pointing to an NFL exit, Dan and Tanya Snyder have since named England as their usual place of residence.

The embattled owner had insisted for years he would never sell the team. But investigations — including two by the NFL and one by the House Oversight Committee — overshadowed the final years of his tenure. A 2022 ESPN report that indicated Snyder had hired firms to collect dirt on some of his fellow owners, along with Roger Goodell, emerged just before sale rumors began. Snyder denied having done so, but sale rumors surfaced shortly after that denial.

Mary Jo White’s investigation is ongoing, but that probe — one that will lead to a written report of the findings, as opposed to the 2021 investigation which did not produce a report — is believed to be nearing a conclusion. Snyder, whom the NFL fined and handed a de facto suspension at the end of its initial probe, had previously demanded indemnification to protect him against further repercussions. Owners have shot down that demand.

From 1972-91, Washington appeared in five Super Bowls and won three. During Snyder’s ownership, the team has never advanced to the playoffs in consecutive years and has won 10 games in a season only three times. Snyder’s ownership tenure has never produced more than 10 wins in a season. Front office, coaching and quarterback instability have plagued the team. Should Harris indeed take over, his restoration task will dwarf the ones David Tepper or Rob Walton needed to complete.

Walton outbid Harris for the Broncos, but the latter remained on the ownership radar. He joined Canadian billionaire Steve Apostolopoulos in submitting record-setting bids late last month. Harris, 58, will end up paying over a billion more for the Commanders than Walton paid for the Broncos (an American sports-record $4.65 billion), but the NBA and NHL owner has moved close to entering the country’s most popular sports league.

Harris is a Chevy Chase, Maryland, native who bought the Sixers in 2011. His ownership group acquired the Devils two years later. Harris also owns English Premier League franchise Crystal Palace. In June 2020, Harris purchased a stake ($140MM, approximately 5%) of the Steelers. Tepper also bought an NFL team after having been a Steelers minority owner. Like Tepper, Harris will need to sell that stake before taking over in Washington.

The Oversight Committee’s investigation into Snyder and the Commanders wrapped late last year. Its report accused Snyder of permitting and participating in a longtime toxic workplace culture. Snyder is believed to have leaked the emails that led to Jon Gruden‘s Raiders exit, and the Committee accused the NFL in assisting the Washington owner in preventing the 2021 Beth Wilkinson probe from producing a written report. The forthcoming White report likely represents the next shoe to drop for Snyder, who is also being investigated by the office of Virginia’s attorney general. A lawsuit from the D.C. attorney general, one that also included the NFL, has accused Snyder of “colluding to deceive and mislead customers.”

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