Report: Daniel Snyder agrees to sell Commanders to group that includes Magic Johnson
The Washington Commanders could be on the verge of changing hands.
Daniel Snyder, the NFL’s most widely reviled team owner, has reached an agreement in principle to sell the Commanders for $6 billion to a group led by Philadelphia 76ers co-owner Josh Harris, according to a Thursday report by Sportico. The Harris group includes Lakers legend Magic Johnson.
A subsequent report by ESPN, however, contends that Canadian billionaire Steve Apostolopoulos is still in the mix with his bid.
Reports say Washington Commanders owner Dan Snyder and wife, Tanya Snyder, have been receiving bids to purchase their team.
It is not uncommon in the late stages of these franchise transitions for there to be jockeying, real or perceived, between the bidding parties, often driving up the price.
If a deal is struck, a confirmation vote for the new owner likely would take place at the May meetings in Minnesota and would require at least a three-quarters majority of the other 31 owners for approval.
The flurry of Commanders news comes on the heels of reports earlier this week that a bid from Amazon founder Jeff Bezos was not coming, even though that was expected by some.
Harris, who also owns the NHL’s New Jersey Devils, is estimated by Forbes to have a net worth of $5.9 billion. His group also includes businessman Mitchell Rales, worth an estimated $5.6 billion.
Speculation about new owners has been percolating since November, when Daniel and Tanya Snyder announced they had hired Bank of America to begin the process of potentially selling part or all of the team.
The Denver Broncos were the last NFL franchise to change hands, selling for a record $4.65 billion in August.
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