The NFL has announced that a meeting to discuss the sale of the Washington Commanders to a group led by Josh Harris will take place on July 20. Sources have confirmed that a vote will likely take place at the meeting, based on anticipated unanimous approval by the finance committee. The sale is expected to be for a record $6.05 billion. For the sale to be approved, 24 of the 32 owners must vote in favor. The finance committee has not yet recommended approval, but the fact that a special meeting was set indicates the direction the sale is headed. Typically, the owners adhere to the committee’s recommendation.
Harris Bid Awaits Approval
Harris’ group includes Washington billionaire Mitchell Rales as well as NBA Hall of Famer Magic Johnson among its 20 limited partners. All the partners had to be vetted by the committee, adding to the length of time in recommending their approval. The committee has worked with Harris to get his bid in compliance with NFL guidelines. There were concerns over the amount of debt carried by Harris and how much equity was in his offer as well as his request to work with the league “particularly from a taxation standpoint”. According to NFL guidelines, a new owner can’t take on more than $1.1 billion in debt and must put down 30% of the offer. However, Irsay, as well as others in the league, including commissioner Roger Goodell, said they would not alter the guidelines to accommodate Harris.
On June 7, the finance committee met with Harris for 2½ hours in New York City. Afterward, Indianapolis Colts owner Jim Irsay, one of eight members on the committee, expressed optimism to ESPN about the direction of Harris’ bid. At the owners meetings last month, Irsay had been adamant that work needed to be done to get the offer in compliance with NFL guidelines. Shortly after that meeting, the NFL informed teams a possible vote would take place on either July 20 or Aug. 8.
Sale Expected Before the Upcoming Season
There has been strong motivation to get the Commanders deal done and move on from the Snyders before the season begins. Multiple sources have said the Snyders were eager to finish the process as well. Washington opens training camp on July 26. Harris entered into a signed exclusive deal with co-owners Dan and Tanya Snyder on May 12, edging Canadian billionaire Steve Apostolopoulos’ bid of $6 billion. The Snyders shocked the NFL by putting the Commanders up for sale on November 2, less than two weeks after releasing a statement that proclaimed they would never sell the team. The NFL had investigated the work culture under Snyder for nearly a year before fining the franchise $10 million in July 2021.
Attorneys general in Maryland, the District of Columbia, and Virginia have also investigated alleged financial impropriety by the Commanders from Snyder’s reign, prior to 2020. Additionally, attorney Mary Jo White continues to investigate allegations against Snyder. One league source said the findings of that report could be released before the final vote.
If approved, Harris would be the franchise’s fifth owner. George Preston Marshall owned the team from 1932 — when it was located in Boston — until he died in 1969. Edward Bennett Williams was the primary owner from 1970 to 1974, when Jack Kent Cooke became the majority owner. Snyder bought the team in 1999 for $800 million, two years after Cooke’s death. The team went 164-220-2 under Snyder. Washington has not won a playoff game since the 2005 season and has not won 11 or more games in the regular season since 1991. From 1971 to ’92, the franchise played in five Super Bowls and won three, compiling an 18-10 playoff record during this stretch.
Leave a Reply