Dan Snyder agrees to the deal – NBC4 Washington

Washington Commanders owner Dan Snyder has agreed in principle to a deal to sell the team to an ownership group that includes Josh Harris, Magic Johnson and Philadelphia 76ers owner Mitchell Rales, NBC4 reporter JB Finley has learned.

Finley confirmed that the purchase price is about $6 billion. The deal has not been signed, but the agreement is valid.

A spokesman for the leaders declined to comment early Thursday afternoon.

Harris is a billionaire from the private equity world who owns the 76ers and the NHL’s New Jersey Devils. He is a general partner of English soccer club Crystal Palace, and has a net worth of $6 billion, according to Forbes.

Harris has ties to the D.C. area. He grew up in Chevy Chase and attended the area’s field school. He made a serious run buying the Denver Broncos but ultimately refused to enter a bidding war against the Walton family, out of the Wal-Mart fortune.

He brought Rales, a billionaire who also grew up in Maryland, earlier this year. Johnson, who had experience owning the Los Angeles Dodgers in Major League Baseball and others, later joined the group.



Washington Commanders owner Dan Snyder has agreed to an initial deal to sell the team to an ownership group that includes Josh Harris, Magic Johnson and Mitchell Rales. News4’s Tommy McFly gets fan feedback.

Snyder bought the team in 1999 and took complete control before the 2000 season. Since 2000, Snyder’s teams in Washington have posted a horrible 154-214-2 record, losing 60 more games than they have won, while notching only one playoff victory in 23. season.

In the twenty years prior to Snyder’s ownership, Washington was one of the best teams in the NFL, with three wins and four games.

The extended losses tell only one part of Snyder’s tumultuous history with the organization. There have also been numerous allegations that have ranged from sexual harassment to financial fraud, and the number of lawsuits and investigations has grown almost to the point where it is difficult to count.

While Snyder had few fans in the D.C. area, the terms of his ownership changed dramatically following a series of investigative articles from The Washington Post in the summer of 2020. These stories effectively led to a significant change to the organization, including dropping the former team’s name and installing Tanya Snyder. Dan’s wife, as CEO. The NFL also fined the organization $10 million.

However, Dan Snyder remained defiant.

That was, until the federal investigation into a secret $55 million personal loan became news. ESPN broke that story, and in the days and weeks after the claim, news of the sale came fast and furious.

The team announced in November that Snyder had hired Bank of America to explore “potential transactions.” The team has enlisted the bank to help facilitate a potential sale, according to a person familiar with the matter.

Last summer, Forbes was appreciating the team $5.6 billion in the annual team ratings list, making the franchise the sixth highest valued player in the NFL.

This is a developing story. Refresh this page for updates.

See also  Cowboys lose season opener 7-17

Leave a Reply

Your email address will not be published. Required fields are marked *