Commanders Sold For $6.05 Billion To Group Led By Josh Harris: Report

ASHBURN, VA — Embattled owner Dan Snyder has finalized a deal to sell the Washington Commanders to a group led by Josh Harris, according to several reports. The group will pay a record $6.05 billion for the team, ESPN is reporting.

In August, Walmart heir Rob Walton set a previous record sale for a sports franchise when the group h led bought the Denver Broncos for $4.65 billion.

"We are very pleased to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners. We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years,” according to a statement from Commanders co-owners Tanya and Dan Snyder.

Harris already owns the NBA's Philadelphia 76ers and the NHL's New Jersey Devils. He grew up in the Washington, D.C., area before making his fortune in investing.

His group includes fellow billionaire Mitchell Rales; NBA Hall of Famer Magic Johnson; and David Blitzer, who owns part of the Crystal Palace FC of the English Premier League with Harris, according to ESPN. Also included in the group are at least 12 limited partners.

Harris's group will inherit FedEx Field in Landover, Maryland, as part of the sale. In recent years, Snyder had explored building a new stadium in Virginia. The Washington Commanders' lease at FedEx Field will end in 2027

Snyder purchased the Washington Commanders in 1999 for $800 million. His tenure has been embroiled with controversy off the field and subpar performances on the gridiron.

In 2020, the franchise changed its name and branding after years of concerns that the previous name was racist toward Native Americans. From 2020 through 2022, Snyder was the subject of investigations by the NFL, the House Committee on Oversight and Reform, and the D.C. Attorney General's Office.

• Read more: Snyder, NFL Interfered In Harassment Investigation: DC Lawsuit

In 2021, the Commanders, then known as the Washington Football Team, were fined $10 million by the NFL. The NFL investigation determined that Snyder fostered a hostile work environment within the organization. Several former employees expressed concerns about sexual harassment and retaliation.

• Read more: Washington Football Team Fined $10M After NFL Investigation

After the investigation, Snyder temporarily stepped away from the team's day-to-day operations.

In November 2022, the team announced that Snyder was considering potential transactions involving the franchise. Initial reports said Snyder could sell the whole franchise or a minority stake. Snyder and his wife, Tanya, had owned 100 percent of the franchise since buying out the minority owners in 2021.

• Read more: Dan Snyder To Consider Potential Sale Of Washington Commanders

Lisa Banks and Debra Katz are lawyers who represent more than 40 former Commanders employees who reported that the organization had a toxic workplace.

"Today marks the end of a long, difficult chapter for all employees and fans of the Washington football organization. We are proud of our many clients who made this moment possible – the brave women and men who came forward repeatedly and at great personal risk to expose the decades of sexual harassment and financial wrongdoing at the team," Banks and Katz said in a statement. "Their determination and perseverance forced this sale to happen."
In their statement, Banks and Katz expressed optimism regarding the new ownership group.

"We want to welcome the new owners and hope a new chapter can truly begin at the organization. We expect that the NFL now understands that such an abusive workplace for women is unacceptable," the attorneys said. "The NFL must be more vigilant and must ensure that owners are held to the same standards as all employers; sexual harassment is illegal and must not be tolerated."

The once-storied Washington franchise now draws fewer fans than any other NFL team, last won a playoff game after the 2005 season, and its last Super Bowl win and appearance was in January 1992 after the 1991 season..

The sale has not been finalized yet. It will need to be approved by at least 24 of the NFL's 31 other owners.

A source told ESPN an update on the sale agreement is expected at the May 22-23 league meetings in Minneapolis and a potential vote could happen in the coming months.