Dan Snyder Reaches Agreement To Sell Washington Commanders: Report
By Jason Hall
April 13, 2023
Washington Commanders owner Dan Snyder has reportedly "reached an agreement in principle" to sell the franchise to a group led by Philadelphia 76ers owner Josh Harris for $6 billion, Sportico reported on Thursday (April 13).
Harris' group also includes billionaire Mitchell Rales and Basketball Hall of Famer Earvin 'Magic' Johnson.
"Josh Harris and Dan Snyder are hoping to execute a contract in the coming days If a deal is reached, it will be the highest price ever paid for a sports team, eclipsing the $4.6B that Rob Walton paid for the NFL’s Denver Broncos last year," Spotico tweeted.
The deal reportedly hasn't yet been finalized, but was sent to the NFL, as the bid "must be submitted and approved," NFL Network's Ian Rapoport reported. The group led by Harris was the first to officially submit a bid to purchase the Commanders last month.
Josh Harris' group is, in fact, nearing a deal to buy the #Commanders for just under $6B, sources say. Nothing is final or has been sent to the league. The bid still must be submitted and approved. But it is getting closer. https://t.co/SXVRItAh0L— Ian Rapoport (@RapSheet) April 13, 2023
Josh Harris and Dan Snyder are hoping to execute a contract in the coming days— Sportico (@Sportico) April 13, 2023
If a deal is reached, it will be the highest price ever paid for a sports team, eclipsing the $4.6B that Rob Walton paid for the NFL’s Denver Broncos last year.https://t.co/yLBT01Axnt
From NFL Now: Josh Harris’ group is nearing a purchase of the #Commanders for just under $6B, sources say. Nothing is done, final, agreed to, or submitted to the league. But Harris appears to be the choice. But a small step closer. pic.twitter.com/D6NHyCjs8z— Ian Rapoport (@RapSheet) April 13, 2023
Snyder and his wife, Tanya, 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.
Statement from the Commanders says they're considering "potential transactions" pic.twitter.com/2kzruHjw3I— Jonathan Jones (@jjones9) November 2, 2022
Snyder, 58, a native of Silver Spring, Maryland, purchased the Washington franchise from the late Jack Kent Cooke in 1999 and has been heavily criticized throughout his ownership.