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Josh Harris, the principal owner of the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils, is leading a group which has agreed a $6bn deal to buy the Washington Commanders; the group also includes billionaire Mitchell Rales and NBA legend Earvin “Magic” Johnson
Last Updated: 13/04/23 7:09pm
The deal would represent a record sale for a US sports franchise
A group led by Josh Harris has reached an agreement in principle to purchase the Washington Commanders for a US sports franchise record $6bn (£4.8bn), according to US reports on Thursday.
Per Sportico, Commanders owner Dan Snyder and the Harris group – which includes billionaire Mitchell Rales and NBA legend Earvin “Magic” Johnson – are hoping to complete the contract in the coming days.
Harris is the principal owner of the Philadelphia 76ers and New Jersey Devils.
ESPN reported last month that Snyder received a pair of $6bn offers, with the other coming from Canadian billionaire Steve Apostolopoulos. Amazon founder Jeff Bezos, who was rumoured to be in the mix, did not submit an offer, multiple media outlets reported.
The Commanders play home games at FedEx Field
The price tag of $6bn smashes the previous record sale for a US sports franchise, set last August after Walmart heir Rob Walton purchased the Denver Broncos for $4.65bn.
In August, Forbes valued the Commanders at $5.6bn, sixth among the NFL’s 32 teams. Snyder also owns FedEx Field and the 264-acre property that surrounds it, plus the 150-acre team headquarters in Ashburn, Virginia.
Houston Rockets owner Tilman Fertitta was also in the mix to purchase the club Snyder has owned since 1999.
Dan Snyder has owned the Commanders since 1999
“I’ll be flat-out honest,” Fertitta told CNBC on Thursday. “I made a bid on the Washington Commanders for $5.6bn.
“That’s the value that Forbes had them at, and at some point you’ve got to draw a line in the sand on everything and that’s where we are. If they can get somebody to pay them more than that, good luck to them. … I don’t think $6bn is the right number.”
Harris and Rales have net worths of $5.8 and $5.5bn, respectively, according to Forbes.
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