Dan Snyder proceeds to sell Washington Commanders to Josh Harris
Dan and Tanya Snyder have agreed to sell the Washington Commanders to an investment group led by Josh Harris, the two parties said Friday, leaving only the NFL to sign off on the $6 billion sale.
The two sides had reached a preliminary agreement a month ago, but the non-exclusive deal gave Snyder the option to continue looking for other bidders or even walk away.
On Friday, Harris and his group said they had entered into a purchase and sale agreement, subject to NFL approval.
“We are very pleased to have reached an agreement on the sale of the Commanders franchise with Josh Harris, a resident of the area, and his impressive group of partners,” Tanya and Dan Snyder said in a joint statement. “We look forward to the swift completion of this transaction and support for Josh and the team in the years to come.”
In a statement on behalf of his ownership group, which includes Magic Johnson, Harris said: “We look forward to the NFL’s formal approval of our property in the coming months and the honor of serving as accountable and responsible stewards of the Commanders franchise moving forward. .”
The announcement comes two days after the league’s finance committee met in New York to review the outline of the deal. The entire contingent of NFL owners can be notified of the agreement when they meet in Minneapolis on May 22-23 and vote on the deal in the coming months.
In recent weeks, the Snyders have been seeking protection from the open league investigation led by Mary Jo White, who was hired by the NFL to investigate allegations of financial crimes and sexual harassment at the club. The NFL has not announced a timeline for releasing that report.
But Harris has not agreed to protect the Cutters from fines that could result from the NFL’s investigation into sexual harassment allegations, according to a person with knowledge of the agreement who was not authorized to comment publicly on its details. to speak. The league has also not agreed to indemnify Snyder, according to another person aware of the agreement.
Prosecutors in the District of Columbia and Virginia also have open inquiries into the team.
Harris, whose investment group already owns the NBA’s Philadelphia 76ers, the NHL’s New Jersey Devils and part of England’s Premier League’s Crystal Palace, gathered an even larger group of investors to buy the Commanders, which are worth far more than the other three clubs combined.
His group consists of David Blitzer, Mitchell Rales and Johnson.