Who is the new owner of Washington Commanders?

Dan Snyder reportedly sold the Commanders franchise for a record 6 billion dollars.

Who is the new owner of Washington Commanders?

(Images via USA Today and Getty Images)

The Washington Commanders fans’ nightmares are finally coming to a conclusion. The Commanders’ owner Dan Snyder has reportedly agreed to sell the NFL franchise for a record 6 billion dollars.

According to multiple reports, Dan Snyder has a deal in place to sell the franchise to the group led by Josh Harris and Mitchell Rales. Furthermore, the group also includes the NBA legend Magic Johnson.

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A deal is not signed and hasn’t been sent to the league for approval yet but it is expected to be done in the near future. So, nothing is official yet but soon Snyder will officially sell the franchise for a whopping $6.05 billion. That will be the biggest price paid for a sports team in North America.

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Who is Josh Harris, the new owner of Commanders?

Josh Harris Dan Snyder
(Image via AP)

Josh Harris is reportedly the new owner of the Washington Commanders NFL franchise but he is not new to the sports entertainment business. Harris is the owner of the NBA team Philadelphia 76ers and the NHL team New Jersey Devils.

Furthermore, the billionaire also owns a minority stake in Crystal Palace FC in the English Premier League. Besides, he is no stranger to ownership in the NFL itself. Just a couple of years ago, he spent 140 million dollars to buy a stake of nearly 5% in the Pittsburgh Steelers franchise. He will be forced to sell that potion if the league approves him as the new owner of the Washington-based football team.

When the Denver Broncos franchise was up for sale last year, Harris tried to purchase the team for $5 billion. But since he wasn’t guaranteed majority ownership, that deal didn’t go through. The Broncos were eventually sold to the Walton family for $4.65 billion.

How did Josh Harris make his money

Josh Harris SI
(Image via SI)

If Josh Harris gets approved as the new owner of the Commanders, he will be one of the richest owners in the NFL with a net worth of more than $7 billion per Bloomberg. But how did he make his money?

Jos Harris is a Harvard graduate, who worked in mergers and acquisitions at Drexel Burnham Lambert in his early days before co-founding the investment firm Apollo Global Management with two other billionaires in 1990.

As of 2020, the Apollo investment firm had approximately $433 billion in assets including “credit, private equity, and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.”

In 2021, he stepped down from his daily duties at Apollo. Moreover, he founded a new asset management firm named 26North last year which allegedly has more than 5 billion dollars in assets under its management.

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