NBA and NHL co-owner Josh Harris-led group agrees to buy NFL’s Washington Commanders for $6.05 billion

A group led by Josh Harris, who co-owns the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils, has reached an agreement to buy the NFL’s Washington Commanders from owners Dan and Tanya Snyder, according to a joint announcement on Friday. The deal is subject to NFL approval and is set to break records, with sources reporting that the group agreed to pay $6.05 billion for the team, beating the previous record set in August when a group led by Walmart heir Rob Walton bought the Denver Broncos for $4.65 billion.

Details of the deal

The deal reached by Harris’ group and the Snyders is subject to approval by at least three-quarters of the league’s owners and other customary closing conditions. League owners will receive an update on the sale agreement at the May 22-23 league meetings in Minneapolis, with any potential vote occurring in the coming months.

Harris, who grew up in Maryland, co-founded Apollo Management, an asset management firm, in 1990. He has a net worth of $5.8 billion, while Mitchell Rales, who has a net worth of $5.5 billion, David Blitzer, who owns part of Crystal Palace FC of the English Premier League with Harris, and NBA Hall of Famer Magic Johnson are also part of Harris’ group. At least 12 limited partners are also part of the group.

The deal includes the Commanders’ practice facility in Ashburn, Virginia, as well as FedEx Field in Landover, Maryland, where the team currently plays. The Commanders have been seeking a new stadium somewhere in the D.C. area.

Washington’s franchise has struggled in recent years, with the team having not won a playoff game in 18 years. The past three years have been especially chaotic due to a series of off-field issues, including allegations of sexual harassment by former team employees, toxic workplace culture, and financial improprieties by Dan Snyder. The Snyders announced the team was up for sale in November 2021, after years of insisting they would never sell.

The Commanders finished 8-8-1 last season under coach Ron Rivera, who is entering his fourth year in charge.