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FedExField in Washington, D.C. | Photo by Anders Krøgh Jørgensen on Unsplash
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The Washington Commanders have finalized a proposed agreement to sell the NFL franchise to an investment group that includes Laker legend Magic Johnson, the team and future ownership group announced Friday.
Details of the agreement, which still needs the approval of the league, were not released, but the sports business journal Sportico reported last month that the transaction would be for a record $6 billion.
The investment group looking to purchase the team is led by Wall Street heavyweight Josh Harris, defense billionaire Mitchell Rales, Harris’ longtime business partner David Blitzer and Johnson. Harris already owns the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils.
On Twitter Friday afternoon, Johnson wrote, “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 (D.C., Maryland, Virginia) community. I’m so excited to get to work on executing our vision for the Commanders and our loyal fanbase!”
If the deal is ultimately approved, the Commanders’ $6 billion price tag would mark the highest price ever paid for a sports franchise — topping the $4.65 billion sale of the NFL’s Denver Broncos last year. Johnson was also part of a Harris-led group that tried but failed to purchase the Broncos.
Johnson is already a part owner of the L.A. Dodgers, the L.A. Sparks of the WNBA and the Los Angeles Football Club of Major League Soccer.
There was no word on how much Johnson might be contributing to the Commanders deal. He reportedly contributed $50 million when the Guggenheim Group purchased the Dodgers for $2 billion in 2012.
Johnson’s vast business interests — headquartered in Beverly Hills — also include theaters, Starbucks franchises, EquiTrust, a financial services company, and SodexoMAGIC, a food service and facilities management company.
It’s been widely reported that Dan Snyder, the embattled current owner of the Commanders, has been under pressure from the NFL to sell the team amid allegations of sexual harassment and a toxic work environment. Snyder has denied those allegations.
In a statement first reported by ESPN, Dan and Tanya Snyder said they are “pleased to have reached an agreement for the sale of the Commanders franchise.”
“We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years,” they said.
Harris said in a statement the ownership group is committed “to delivering a championship-level franchise for this city and its fanbase.”
“We look forward to running a world-class organization and making significant investments on and off the field to achieve excellence and have a lasting and positive impact on the community,” he said.
The sale would have to be approved by a vote of the NFL’s other 31 owners. The vote likely would not take place until the next league meetings, on May 22-24 in Minneapolis, according to ESPN. Reportedly, the sale would also include Commanders’ home stadium, FedEx Field in Landover, Maryland, and their practice facilities in suburban Virginia.
