Group agrees to buy the Washington Commanders in record purchase : NPR

ASHBURN, Va. — A gaggle led by Josh Harris that features Magic Johnson has agreed to purchase the NFL’s Washington Commanders from longtime proprietor Dan Snyder and his household.

The edges introduced the deal in a joint assertion Friday, roughly a month after they reached an settlement in precept on the sale for a report $6.05 billion.

The deal is the biggest for a North American skilled sports activities franchise, surpassing the $4.55 billion Walmart inheritor Robert Walton paid for the Denver Broncos final 12 months. It’s nonetheless pending approval of three-quarters of householders and different customary closing circumstances.

“We’re very happy to have reached an settlement for the sale of the Commanders franchise with Josh Harris, an space native, and his spectacular group of companions,” Snyder and his spouse, Tanya, mentioned within the assertion. “We stay up for the immediate completion of this transaction and to rooting for Josh and the group within the coming years.”

NFL spokesman Brian McCarthy mentioned league employees and its finance committee will evaluate particulars of the proposed transaction. Homeowners meet later this month in Minnesota, however they’re solely anticipated to get an replace on the scenario then, with a proper vote anticipated within the coming months.

Snyder has owned the group since 1999, when he purchased his favourite boyhood group for $750 million, and regardless of mounting criticism repeatedly mentioned he’d by no means promote. That modified after a number of investigations by the league and Congress into Washington’s office misconduct and potential monetary improprieties. The congressional investigation discovered Snyder performed a task in a poisonous tradition.

Harris’ group contains Washington-area billionaire Mitchell Rales, the basketball Corridor of Famer Johnson and David Blitzer, amongst others. Harris and Blitzer have owned the NBA’s Philadelphia 76ers since 2011 and the NHL’s New Jersey Devils since 2013.

“I couldn’t be extra excited to be a accomplice within the proposed new possession group for the Washington Commanders,” Johnson tweeted. “Josh Harris has assembled an incredible group who share a dedication to not solely doing nice issues on the sector however to creating an actual influence within the (Washington-area) neighborhood. I am so excited to get to work on executing our imaginative and prescient for the Commanders and our loyal fanbase.”

Harris grew up within the Washington suburb of Chevy Chase, Maryland. He mentioned he obtained to expertise the thrill of the group successful three Tremendous Bowls and establishing a long-term tradition of success.

“We stay up for the formal approval of our possession by the NFL within the months forward and to having the glory to function accountable and accountable stewards of the Commanders franchise shifting ahead,” Harris mentioned. “We stay up for operating a world-class group and making important investments on and off the sector to realize excellence and have an enduring and optimistic influence on the neighborhood.”

The brand new homeowners’ first main process for the long-term way forward for the group is a brand new stadium to exchange FedEx Subject, the rushed-to-completion dwelling of the group since 1997 in Landover, Maryland, that has not aged effectively. Virginia deserted a stadium invoice final 12 months amid a variety of off-field controversies swirling across the group, although prospects exist to construct there, in Maryland or the District of Columbia on the website of the group’s former dwelling, RFK Stadium.

Corridor of Fame coach Joe Gibbs, who led Washington to its three Tremendous Bowl titles, mentioned he has gotten to know Harris and his management group and totally helps the possession group.

“The NFL has grown a terrific deal since my time as a coach on this league, however what hasn’t modified is my perception that with nice management from the highest, the drive to win on the sector and a dedication to tradition — championship groups are created,” Gibbs mentioned in an announcement despatched to The Related Press. “Josh and his group share these values and I’m dedicated to doing what I can to reconnect this nice franchise to the neighborhood, fanbase and alumni.”