Washington Commanders owners Dan and Tanya Snyder have reached an agreement to sell the team to an ownership group that includes Philadelphia 76ers co-owner Josh Harris, Magic Johnson and Mitchell Rales, the two groups said in a joint announcement Friday afternoon.
A confirmed purchase price was not revealed, but when news of the deal first emerged last month, News4's JP Finlay reported the deal was for $6.05 billion.
"We are very pleased to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners," the Snyders said in a release. "We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years."
Harris, a billionaire from the private equity world, already owns the 76ers and the NHL’s New Jersey Devils. He is general partner of Crystal Palace, an English soccer club, and has an estimated net worth of $6 billion, according to Forbes. Harris also owns a piece of the Pittsburgh Steelers, which he needs to sell before getting the Commanders, the Associated Press reported.
Speaking on behalf of his ownership group, Harris shared: "...I want to express how excited we are to be considered by the NFL to be the next owners of the Washington Commanders and how committed we are to delivering a championship-caliber franchise for this city and its fanbase."
Magic Johnson tweeted Friday afternoon: "I could not be more excited to be a partner in the proposed new ownership group for the Washington Commanders. Josh Harris has assembled an amazing group who share a commitment to not only doing great things on the field but to making a real impact in the DMV community. I’m so excited to get to work on executing our vision for the Commanders and our loyal fanbase!"
Snyder bought the team in 1999 and took full control before the 2000 season. Since 2000, Snyder's Washington teams have registered a terrible 154-214-2 record, losing 60 games more than they've won, while earning just one playoff victory in 23 seasons.
In the 20 years prior to Snyder's ownership, Washington was one of the best teams in the NFL, with three Super Bowl wins and four appearances.
The extended losses only tell one part of Snyder's troubled history with the organization. There were also numerous allegations that ranged from sexual harassment to financial fraud, and the number of lawsuits and investigations has almost grown too large to count.
“I think what it tells me and what it tells my clients and I think what it should tell the community is that sexual harassment will not be tolerated no matter how big your organization is, no matter how rich and powerful you are,” said Lisa Banks, one of the attorneys who represented team employees through those investigations. “There will be accountability.”
While Snyder had few fans in the D.C. area, the terms of his ownership changed dramatically after a series of investigative articles from The Washington Post in summer 2020. Those stories effectively brought about momentous change for the organization, including dropping the team's previous name and installing Tanya Snyder, Dan's wife, as CEO. The NFL also fined the organization $10 million.
Harris indicated he's eager to take the next steps.
His statement continued: "Growing up in Chevy Chase, I experienced first-hand the excitement around the team, including its three Super Bowl victories and long-term winning culture. We look forward to the formal approval of our ownership by the NFL in the months ahead and to having the honor to serve as responsible and accountable stewards of the Commanders franchise moving forward."
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