After All The Speculations Who Is Dan Snyder Finally Selling The Commanders To?

Dan Snyder is close to coming up with a fresh solution, nearly six months after a fellow NFL club owner publicly stated that he thought “there’s merit to remove” Snyder from ownership of the Washington Commanders.

According to Sportico and NFL Media’s Ian Rapoport, Snyder has allegedly struck a tentative agreement to sell the Commanders to hedge fund manager Josh Harris for an NFL-record $6 billion.

Is Dan Snyder finally selling Commanders to Josh Harris?

Following the NFL’s annual league meeting in Phoenix, where team owners, executives, and head coaches all gathered, the decision was made a few weeks later. Owners of the teams may have voted to remove Snyder had Snyder’s well-documented concerns not yet been addressed. Three-fourths of club owners, or 24 club owners, must agree to a forced sale, according to NFL statutes.

It seems unlikely that using force will be necessary.

Harris, a co-founder of Apollo Global Management and team owner of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils, together with Mitchell Rales, a millionaire from the Washington, D.C., region and co-founder of Fortune 500, and NBA Hall of Famer Magic Johnson would make up the new ownership group for the Commanders.

According to The Washington Post, Tilman Fertitta, owner of the NBA’s Houston Rockets, and Jeff Bezos, the creator of Amazon, were both apparently interested. However, Snyder reportedly blocked Bezos’ proposal because of disagreements with the Bezos-owned Post.

Snyder has long resisted selling his club, just as he has resisted renaming his Commanders, who have had two names in the previous three years. However, a statement from the Commanders on November 2 suggested a shift in approach.

In a statement, it was said that “Dan and Tanya Snyder and the Washington Commanders announced today that they have retained BofA Securities to consider potential transactions.”

In the past three years, accusations against Snyder and the Commanders have advanced. More than 40 female employees of the Commanders claimed that Snyder and other employees as well as executives sexually harassed them at work. Following an inquiry by the NFL, it was decided that “the culture of the club was very toxic and fell far short of the NFL’s values,” and in July 2021, the league fined Snyder $10 million.

Who is buying the Commanders?

Josh Harris, a businessman and investor, is leading the group that Snyder is selling the Commanders to, along with the following significant investors:

Josh Harris– Harris, a native of the Washington, D.C., metropolitan region, joined together to form Apollo Global Management in 1990. Between 1990 and 2022, when he left the company to concentrate on other business projects, the private equity firm had $548 billion in assets under his supervision.

As a co-owner of the NHL’s New Jersey Devils and the NBA’s Philadelphia 76ers, he also has many connections to the sports world. In 2020, he also acquired a 5% ownership position in the Steelers.

In 2011, Harris and Blackstone Inc. CEO David S. Blitzer made a $280 million joint offer to purchase the Philadelphia 76ers basketball team. He and Blitzer oversaw a $320 million collective acquisition of the Devils in 2013. In order to combine their sports businesses, the two created Harris Blitzer Sports & Entertainment in 2017. This company owns the following sports franchises, as well as companies that handle event tickets and businesses with a baseball theme.

Prior to the franchise being sold to a consortium led by Walmart heir Rob Walton for a then-record $4.65 billion, Harris had previously shown interest in purchasing the Broncos in 2022. Harris has now acquired the Commanders, making him a co-owner of three organisations in the “big four” American sports. He does not own any MLB franchises.

Mitchell Rales – Rales, 66, is a co-founder of Danaher Corporation, a multinational corporation with its headquarters in Washington, D.C., that develops, produces, and sells goods and services for the medical, industrial, and commercial industries.

He and his brother Stephen Rales created the business together, giving it the initial name Equity Group Holdings before changing it to Danaher Corporation in 1984. In Potomac, Maryland, Rales and his wife Emily Wei Rales created Glenstone, an art gallery showcasing their collection of post-World War II artwork, which includes both indoor and outdoor installations and paintings and sculptures.

Magic Johnson – Johnson is the new Commanders ownership group’s most well-known name. Johnson, one of the all-time best players in NBA history, spent his entire Hall of Fame career (1979–1996) with the Lakers. He was selected to the NBA All-Star squad 12 times, nine of them occasions as a first-teamer. Additionally, he was voted the NBA Finals MVP three times and won five NBA titles.

Johnson engaged in a variety of business ventures after his playing career, including owning sports franchises. He oversaw the purchase of the MLB’s Los Angeles Dodgers club in 2012 from a consortium that included included Stan Kasten and Guggenheim Partners for what was then the highest price ever paid for a professional sports team.

Johnson also led a consortium that, in 2014, acquired the Los Angeles Sparks of the WNBA. Additionally, he shares ownership of the Los Angeles Football Club, an MLS team that made its debut in 2018.

The Sparks won the WNBA championship in 2016, the Dodgers won the World Series in 2020, and Los Angeles FC won the MLS Cup in 2022. All of Johnson’s major sports clubs have triumphed during his ownership.

Johnson has held a brief position in the business world. In February 2017, he was appointed president of basketball operations for the Los Angeles Lakers. LeBron James signed a four-year deal with the team in 2018, however the team failed to make the playoffs before Johnson stepped down from his position in April 2019.

Richest NFL owners by net worth

Rank Owner Team Net worth
1 Rob Walton Broncos $58.2 billion
2 David Tepper Panthers $16.7 billion
3 Jerry Jones Cowboys $12.8 billion
4 Stan Kroenke Rams $10.7 billion
5 Robert Kraft Patriots $8.3 billion
6 Stephen Ross Dolphins $8.2 billion
7 Shahid Khan Jaguars $7.7 billion
8 Arthur Blank Falcons $6.9 billion
9 Josh Harris Commanders $6 billion
10 Steve Bisciotti Ravens $5.8 billion
11 Terry Pegula Bills $5.8 billion

 

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