Report: Group That Includes LA's Magic Johnson Set to Buy NFL Team

BEVERLY HILLS -- An investment group that includes Lakers legend Magic Johnson, whose business interests are headquartered in Beverly Hills, has reached ``an agreement in principle'' to buy the Washington Commanders, it was reported today.

If finalized, the transaction would add an NFL franchise to Johnson's already substantial ``sport-folio.''

The sports business journal Sportico reported Thursday that Dan Snyder, the embattled current owner of the Commanders, has agreed to sell the team for a record $6 billion to a group led by Wall Street heavyweight Josh Harris, defense billionaire Mitchell Rales and Johnson.

According to Sportico, Harris and Snyder are hoping to execute a contract "in the coming days."

If all the pieces come together, the Commanders' $6 billion price tag would mark the highest price ever paid for a sports franchise -- topping the $4.65 billion sale price for the NFL's Denver Broncos last year.

Johnson was also part of a Harris-led group that tried but failed to purchase the Broncos.

Harris, 58, also owns the NBA's Philadelphia 76ers and NHL's New Jersey Devils.

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 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 Snyder is under pressure from the NFL to sell the Commanders amid allegations of sexual harassment and a toxic work environment. Snyder denies those reports.

-- City News Service