Josh Harris-Led Group Purchases Washington Commanders for Record $6.05 Billion
In a historic deal, the owners of the National Football League’s other 31 teams have unanimously approved the sale of the Washington Commanders to a group led by private equity billionaire Josh Harris. The group, which includes real estate mogul Mitchell Rales and NBA star Magic Johnson, agreed to pay a record-breaking $6.05 billion to Daniel Snyder, the scandal-plagued owner of the team.
The sale price surpasses the previous high price tag for an American sports team, which was $4.65 billion paid last year for the Denver Broncos by a group led by Walmart heir Rob Walton. The transaction is expected to formally close as early as Friday.
Commissioner Roger Goodell praised the sale, stating, “Josh will be a great addition to the NFL. I know he has a commitment to winning on the field, but also to running an organization that everyone will be proud of and making positive contributions in the community.”
Harris and his group will now take control of the Washington Commanders, a franchise that has faced years of losses on the field and off-field chaos under Snyder’s ownership. Harris has a track record of improving the standings of the other professional teams he owns, such as the Philadelphia 76ers of the NBA and the New Jersey Devils of the NHL.
Their focus will be on repairing the team’s tattered image and exploring options for repairing or replacing FedEx Field, the home stadium since 1997. While the franchise owns land in Maryland and Virginia, many NFL team owners prefer a new stadium to be built in the District of Columbia, where the team played for most of its history.
Under Snyder’s tenure, the Washington Commanders made the postseason only six times, winning two playoff games. The franchise, once dominant with three Super Bowl titles in the 1980s and 90s, has seen attendance plummet and its stadium fall into disrepair. Snyder’s controversies, including his defiance of the salary cap and insistence on retaining a potentially racist team name and logo, have alienated fans and sponsors.
The team’s ownership also faced ongoing scandals, including widespread sexual harassment allegations. Following an investigation, Goodell fined the team a record $10 million in 2020. Pressure from Snyder resulted in the NFL not releasing the findings, prompting Congress to launch its own inquiry, which uncovered more allegations of harassment and financial fraud.
Snyder’s efforts to stall investigations included attempts to pay former employees “hush money” and using intimidation tactics. A report by the league-appointed investigator, Mary Jo White, detailed Snyder’s actions.
Although Snyder asked the NFL to indemnify him from liability in legal disputes, he did not receive such protection. Snyder controlled a majority stake in the team, with three limited partners holding a 40% ownership share. In 2020, the partners accused Snyder of mismanaging the team’s finances, while Snyder accused them of leaking damaging information to force a sale.
Initially facing resistance from other team owners who were uncomfortable with the debt Harris planned to use for the purchase, Harris guaranteed some of the debt with his personal fortune. The finance committee approved the purchase plan, and the full ownership voted on the transaction on Thursday.
While Snyder no longer owns the team, an investigation into financial improprieties by the Washington Commanders is ongoing. Harris will also need to rebuild relationships with local politicians, who were previously angered by Snyder’s refusal to change the team’s name. With Snyder’s departure, resistance to building a new stadium on the site of R.F.K. Stadium may soften, as D.C. Mayor Muriel Bowser seeks federal government support for the project.