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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.

Minor NFL Transactions: 5/12/23

May 12th, 2023 at 9:10pm CST by Ely Allen

Today’s minor moves heading into the weekend:

Baltimore Ravens

Denver Broncos

Washington Commanders

NFL Draft Pick Signings: 5/12/23

May 12th, 2023 at 9:09pm CST by Ely Allen

Rookie minicamps started today and more rookies put the names on the dotted line of their four-year contracts. Here are the mid- to late-round picks who signed today:

Arizona Cardinals

Atlanta Falcons

Cleveland Browns

Denver Broncos

Houston Texans

Kansas City Chiefs

Los Angeles Chargers

Minnesota Vikings

New England Patriots

New Orleans Saints

Pittsburgh Steelers

Washington Commanders

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.”

NFL Draft Pick Signings: 5/10/23

May 10th, 2023 at 7:36pm CST by Ely Allen

Teams are moving quickly on inking their Day 3 draftees to their four-year rookie deals, with this process involving a slot system that does not feature many complications for late-round players. Here are the latest such agreements to commence:

Atlanta Falcons

Buffalo Bills

Carolina Panthers

Detroit Lions

Jacksonville Jaguars

New England Patriots

San Francisco 49ers

Washington Commanders

Johnson transferred back to the west coast after a freshman year at Miami (FL). He established himself as one of the most versatile players in the country while in Eugene, contributing for the Ducks on defense as an edge rusher and on offense as a tight end. Carolina drafted him for his defensive potential.

Moody is the expected replacement for Robbie Gould, who departed in free agency this spring after six years with San Francisco. Likewise, New England moved on from punter Jake Bailey after a couple of internal disagreements. Baringer is expected to take over for the one-time All-Pro punter.

Colts Investigating Potential Tampering Over Commanders’ Andrew Luck Inquiry

May 8th, 2023 at 9:47pm CST by Adam La Rose

9:47pm: Washington is not believed to have contacted Luck, his father (former NFL quarterback Oliver Luck) or his uncle, who has served an agent figure, according to Mark Maske and Nicki Jhabvala of the Washington Post. The Colts are seeking to confirm if an inquiry emerged through an intermediary. Despite the report of the Commanders contacting Luck emerging a year ago, Irsay appears to be pursuing this in earnest now.

12:46pm: The Commanders are firmly committed to Sam Howell as their starting quarterback in 2023, but they faced a pressing need at the position last offseason. That ultimately led the team to make an interesting – and perhaps controversial – inquiry.

Washington made a wide-ranging effort to secure a veteran signal-caller in 2022, and that included talks with the Colts over two quarterbacks. One was Carson Wentz – whom the Commanders ultimately acquired via trade – and the other was Andrew Luck. Conversations concerning the latter were very brief and didn’t make a difference with respect to his lack of a playing future, but they re-surfaced recently and caught the attention of the Colts.

ESPN’s John Keim – who detailed the Luck-centered discussions last March – referenced those talks this past weekend in a piece detailing the Commanders’ confidence in Howell, their 2022 fifth-rounder. The specifics regarding Luck inquiries could reveal whether or not tampering occurred, something Colts owner Jim Irsay acknowledged in response to the Washington news coming up again.

“If any NFL Team attempted to contact Andrew Luck [or any associate of him]… to play for their Franchise,” Irsay wrote, ” it would be a clear Violation of the League’s Tampering Policy” (Twitter link).

Luck has been retired since 2019, but three years remained on his contract when he made the surprising decision to walk away from the game. The 33-year-old’s pact tolled, and as a result the Colts still hold his rights, as detailed by Keim’s colleague Stephen Holder. Indianapolis would thus need to be made aware of any attempts made by other teams to lure him out of retirement, though that remains all but certain not to happen. Luck is focused on his post-football life and is not eyeing a return to playing.

Holder adds that the Colts are currently “unclear about the nature of the conversations” Washington had regarding Luck, and are “seeking to learn more about what exactly transpired and whether any tampering occurred.” While that takes place, Washington will continue to move forward with Howell in place as Wentz’s successor, after the team made the expected move of releasing the latter following a disappointing one-and-done campaign in the nation’s capital.

Interestingly, Keim notes that Washington would have considered selecting Hendon Hooker in this year’s draft had he still been available by their third-round pick. That wasn’t the case, so the Commanders remain set with Howell and veteran backup Jacoby Brissett as their top two signal-callers. It will be interesting to monitor what developments, if any, take place after the Colts’ investigation into their Luck inquiries is completed.

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.”

Commanders Release C Chase Roullier

May 5th, 2023 at 12:53pm CST by Adam La Rose

The Commanders have made multiple additions at the center position this offseason, and they have resulted in the departure of a longtime starter. Chase Roullier is being released, per Nicki Jhabvala of the Washington Post (Twitter link). A team announcement has since confirmed the move.

Roullier will be designated as a post-June 1 cut, which will generate a dead money charge of $4.05MM in each of the next two years. The Commanders will save $8.4MM in 2023 and $10.2MM in 2024 by taking this route, however. The 29-year-old was due base salaries of $8.3MM and $8.7MM for the next two years, but no guaranteed money remained on his contract.

That left his future in doubt heading into the offseason, despite his strong performances when healthy. Roullier started 63 of 69 games across his six-year tenure in the nation’s capital, but was limited to just 10 games over the past two seasons. The former sixth-rounder suffered a fibula fracture in 2021, then was only able to play the opening two contests this past campaign due to an MCL tear.

The Commanders reacted to Roullier’s situation by signing former Giant Nick Gates in free agency. The latter has experience at guard, but is expected to suit up at center with his new NFC East team. At the draft, Washington also added Ricky Stromberg in the third round, leaving he and Gates in place to compete for the starting snapping role.

Roullier will wind up on the outside of that competition, but he could find a new home in the post-draft wave of free agency. The Wyoming product has been a consistent performer in terms of PFF evaluation during his career, earning a personal best grade of 83.7 in 2021 and a 76.8 rating in his most recent full campaign. If he is able to recover from his latest major injury, he could find himself back in a starting lineup before long.

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.

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