Commanders Given NFL Approval Of $6.05bn Sale To Josh Harris

Summary:

• NFL gives the nod for Washington Commanders to be sold
• Billionaire Josh Harris and partners including Magic Johnson will be the new owners
• Current owner Dan Snyder gets hit with $60 million fine based on investigation

The National Football League (NFL) announced that it has approved the deal for the Washington Commanders which is owned by Dan Snyder to be sold to Harris Blitzer Sports and Entertainment for a whopping $6.05 billion.

This makes it the highest sale in history for any sports franchise in the United States.

Who Are The New Owners Of The Washington Commanders?

The Washington Commanders was acquired by Dan Snyder back in 1999 for $800 million. When Snyder bought the franchise it was called the Washington Redskins and remained so for many years until pressure was brought on the NFL and Snyder for the use of the term ‘Redskins’.

Snyder continued to face pressure over multiple improprieties that led to an investigation and put him under pressure that forced him to make the decision to sell the Washington Commanders.

Give the huge asking price for the Commanders; there were not a lot of contenders who could come up with the funding. The NFL decided to go with Harris Blitzer Sports and Entertainment which is headed by billionaire Josh Harris who has an estimated net worth of over $6 billion.

Harris decided to team up with a number of prominent investors and big names in the sports world to form a group that had enough leverage to make and win the bid to own the Washington Commanders. Some of the names that are part of Harris Blitzer Sports and Entertainment includes NBA icon Magic Johnson, David Blitzer who along with Harris owns the Philadelphia 76ers in the NBA and the New Jersey Devils in the NHL.

The goal of the new owners is to transform the Washington Commanders both internally and externally and turn it into a global brand!

Dan Snyder Hit With $60 Million Fine

Dan Snyder has been hit with a $60 million fine based on an investigation that found Snyder and his team had multiple improprieties concerning business dealings and workplace culture with the Washington Commanders.

Snyder denied allegations brought against him concerning sexual misconduct of an ex-employee and underreporting revenues of the Commanders to the NFL.