‘Dan Snyder era’ comes to an end as Washington Commanders sold for record $6.05 billion to Josh Harris-led ownership group

Daniel Snyder has reportedly sold the Washington Commanders to an investor group comprising Magic Johnson and led by Josh Harris


‘Dan Snyder era’ comes to an end as Washington Commanders sold for record $6.05 billion to Josh Harris-led ownership group

Magic Johnson is part of the Josh Harris-led ownership group that is set to takeover the Washington Commanders franchise from Daniel Snyder. (IMAGE: GETTY Images)

It is the dawn of a new day for all the fans of the Washington Commanders. The team is free from its controversial owner Daniel Snyder, as he has finally sold the team. The Commanders have been sold for a whopping $6.05 billion to a group led by investor Josh Harris. This sale makes the team the most valuable, as this is the most that has been paid for a North American professional sports team.

The sale of the Washington Commanders trumps the acquisition of the Denver Broncos by the Walton-Penner Group for $4.65 billion. The sale of the Commanders has been in the works for a while and while Daniel Snyder was largely opposed to the idea, he was ultimately compelled to sell the team as he was losing foothold amongst his fellow owners and his alleged involvement in scandals combined with numerous accusations tarnished his name and reputation.

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The culture within the Commanders was also criticized by many, with employees calling the work environment toxic. It was pretty obvious that a change was needed and today that change has finally come. The deal is a fully financed, non-exclusive agreement that is not yet signed. Sources that spoke to the Associated Press stated that the deal has not been finalized.

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Josh Harris owns a piece of the Pittsburgh Steelers as well

Josh Harris and Daniel Snyder
Daniel Snyder’s $6 billion sale of the Washington Commanders to Josh Harris-led group has set a new record. (IMAGE: Reuters/ UPI)

The deal is yet to be sent to the NFL for its approval. If the deal goes through, it would mean that Josh Harris will exercise a controlling stake in three of four major North American pro sports leagues. He co-owns the Philadelphia 76ers since 2011 with David Blitzer and owns the NHL’s New Jersey Devils since 2012. Harris has a stake in the Pittsburgh Steelers as well, but he will need to sell that share in order for his acquisition of the Commanders to go through.

Some notable figures apart from Josh Harris who is part of this group are Magic Johnson, the Hall of Fame NBA star who has a stake in the Los Angeles Dodgers as well. Mitchell Rales, the co-founder of the Danaher Corp. is also a part of the group. Josh Harris attempted to bid for the Denver Broncos as well, but was unsuccessful.

Daniel Snyder bought the Commanders in 1999 for $750 million and despite his attempts to hold on to his beloved acquisition, the mounting pressure following investigations by the NFL and Congress left him with no choice but to do so. The sale of the team will get approval once the owners of all other teams agree to it. The resolution would require 24 out of 32 votes to pass, but at this point, it appears to be a mere formality. It will not be surprising to see the resolution be approved unanimously, considering Dan Snyder’s relationship with some of his fellow owners.

There are a lot of challenges that the Josh Harris-led group will need to address once they take control of the franchise, the first being constructing a new stadium to replace FedEx Field. They will also need to work to bring fans back into the stadium and excitement into Commanders football. There is also a possibility that the new owners may wish to completely revamp the organization by changing its name and logo.

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