First Official Bids To Purchase Washington Commanders Placed: Report
By Jason Hall
March 28, 2023
Canadian billionaire Steve Apostolopoulos has also reportedly submitted a fully-funded $6 billion bid to purchase the Washington Commanders, sources with knowledge of the situation. told ESPN's Brian Windhorst and Adam Schefter.
Schefter had previously reported that an initial bid was submitted by a group led by Philadelphia 76ers and New Jersey Devils co-owner Josh Harris and billionaire Mitchell Rales, which also includes Basketball Hall of Famer and entrepreneur Earvin 'Magic' Johnson, earlier on Tuesday (March 28).
"With two groups known to have submitted bids, there is a growing belief a purchase agreement could be in place by the NFL Draft," Schefter tweeted.
The first official bid to purchase the Washington Commanders has reportedly been submitted, a source with knowledge of the situation told ESPN's Adam Schefter on Tuesday (March 28).
The group led by Philadelphia 76ers and New Jersey Devils co-owner Josh Harris and billionaire Mitchell Rales, which also includes Basketball Hall of Famer and entrepreneur Earvin 'Magic' Johnson, reportedly "submitted a fully-financed bid" that meets the $6 billion asking price set by current Commanders owner Dan Snyder, the source told Schefter. The contingent is among three known bidders for the Washington franchise, which also includes groups led by Houston Rockets owner Tillman Fertitta and Canadian billionaire Steve Apostolopoulos.
The Josh Harris/Mitchell Rales group, which nows includes Magic Johnson, officially has submitted a fully-financed bid that meets Dan Snyder’s $6 billion asking price, per source.— Adam Schefter (@AdamSchefter) March 28, 2023
Canadian billionaire Steve Apostolopoulos also has submitted a fully-funded $6 billon offer for the Commanders, sources tell me and @WindhorstESPN.— Adam Schefter (@AdamSchefter) March 28, 2023
With two groups known to have submitted bids, there is a growing belief a purchase agreement could be in place by the NFL Draft.
There have also been previous reports of Amazon founder Jeff Bezos having interest in purchasing the team in partnership with hip-hop legend and entrepreneur Jay-Z.
Negotiations on a sale of the Washington franchise reportedly progressed last week and a sale could potentially be reached ahead of the NFL Owners' Meeting, which is scheduled to take place in Arizona next week.
In November, Dan and Tanya Snyder announced they hired Bank of America Securities to consider "potential transactions" in relation to the Commanders franchise last November.
"Dan and Tanya Snyder and the Washington Commanders announced today that they have hired BoA Securities to consider potential transactions," the Commanders said in a statement re-shared by CBS Sports NFL Insider Jonathan Jones on November 2. "The Snyders remain committed to the team, all of its employees and its countless fans to putting the best product on the field and continuing the work to set the gold standard for workplaces in the NFL.
The report came days before Washington, D.C. Attorney General Karl A. Racine announced he was suing the Washington Commanders, Snyder, the NFL and its commissioner, Roger Goodell, "for colluding to deceive District residents—the heart of the Commanders’ fanbase—about an investigation into toxic workplace culture."
BREAKING: My office is suing Commanders owner Dan Snyder, the Commanders, NFL Commissioner Roger Goodell, and the NFL for colluding to deceive District residents—the heart of the Commanders’ fanbase—about an investigation into toxic workplace culture.— Archive: AG Karl A. Racine (@AGKarlRacine) November 10, 2022
On November 2, ESPN reported that a criminal investigation into the Commanders had been launched by the U.S. attorney's office in the Eastern District of Virginia in relation to allegations that the team "engaged in financial improprieties," two sources familiar with the situation confirmed.