A new era dawns in Washington. NFL owners have unanimously approved the Commanders’ sale from the Dan Snyder family to a group led by Josh Harris for a record $6.05 billion.
Snyder owned a majority of the Commanders since 1999, when he bought in for $800 million. He and his famly became the sole owners after he bought out his limited partners two years ago.
The NFL also announced today that Snyder will be fined $60 million following a lengthy investigation that began after a congressional review into workplace misconduct. That also included a referral to the Federal Trade Commission for potential business improprieties by Snyder.
“Congratulations to Josh Harris and his impressive group of partners,” NFL Commissioner Roger Goodell said in a statement. “Josh will be a great addition to the NFL. He has a remarkable record in business, sports, and in his communities. The diverse group that Josh has put together is outstanding for its business acumen and strong Washington ties and we welcome them to the NFL as well.
“… I know he has a commitment to winning on the field, but also to running an organization that everyone will be proud of — and to making positive contributions in the community.”
Snyder’s tenure was marked by a losing record and many off-the-field scandals, including sexual harassment allegations and a stubborn refusal to change the former team nickname of “Redskins” to something less offensive to Native Americans.
Harris’ group includes NBA Hall of Famer Magic Johnson and billionaire Mitchell Rales. There are 20 limited partners in the Harris group, under the NFL limit of 25. Each partner had to be vetted for financial and security reasons.
“This is truly the biggest achievement in my business career and a historic moment for the entire Black community,” Johnson posted Johnson posted to Twitter on Thursday. “Talk about God’s perfect timing. This was the right organization for me to be a part of given its global appeal, history of winning, and the diverse fanbase and DMV community. … I am honored and ecstatic to be a co-owner of the Commanders franchise!”
Harris also owns the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils along with a partner. Harris also is a general partner of Crystal Palace F.C. in the English Premier League and a minority shareholder in Joe Gibbs Racing.
Harris co-founded Apollo Management, an asset management firm, in 1990. He has a net worth of $5.8 billion, according to Forbes.
