In a historic move, NFL owners have unanimously approved the sale of the Washington Commanders from the Dan Snyder family to a group led by Josh Harris. This record-breaking sale comes at a staggering price of $6.05 billion, heralding a new era for the franchise. Snyder had been the majority owner of the Commanders since 1999, when he initially invested $800 million. Two years ago, he bought out his limited partners, making his family the sole owners.
Investigation and Fine for Snyder
Alongside the sale of the Commanders, the NFL has also made another significant announcement. Following a lengthy investigation triggered by a congressional review into workplace misconduct, the league has fined Snyder a whopping $60 million. The investigation also led to a referral of potential business improprieties by Snyder to the Federal Trade Commission. The fine serves as a consequence for Snyder’s actions and sends a clear message regarding the league’s commitment to addressing workplace misconduct and upholding ethical business practices.
Welcome to the New Owners
Josh Harris and his group of partners have received warm congratulations from NFL Commissioner Roger Goodell. Goodell expressed his admiration for Harris and his incredible achievements in business, sports, and the community. Harris’ remarkable track record, coupled with the business acumen and strong ties to Washington demonstrated by his diverse group of partners, make them an excellent addition to the NFL. Goodell specifically highlights Harris’ commitment not only to winning on the field but also to cultivating an organization that everyone can be proud of and making positive contributions to the community.
The Commanders’ new ownership group, led by Harris, includes prominent figures such as NBA Hall of Famer Magic Johnson and billionaire Mitchell Rales. With 20 limited partners, the Harris group falls within the NFL limit of 25 partners. Each partner underwent a thorough vetting process to ensure financial stability and security.
Magic Johnson took to Twitter to express his excitement and gratitude for being part of this historic moment. He sees this opportunity as a significant achievement in his business career and a momentous occasion for the entire Black community. Johnson emphasizes that joining the Commanders was the perfect choice for him due to the franchise’s global appeal, history of winning, and diverse fanbase. He feels honored and ecstatic to be a co-owner of the Commanders franchise.
Harris, in addition to his ownership of the Commanders, also holds ownership stakes in the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils alongside a business partner. Notably, he is a general partner of Crystal Palace F.C. in the English Premier League and a minority shareholder in Joe Gibbs Racing. Harris’s successful business ventures are further evidenced by his co-founding of Apollo Management, an asset management firm, in 1990. According to Forbes, he boasts a net worth of $5.8 billion.
As the Washington Commanders embark on this new chapter with their fresh ownership group, football fans eagerly anticipate the positive changes and potential success that lie ahead. The record sale and the arrival of Harris and his partners signify a turning point for the franchise, one that promises to prioritize winning on the field, fostering a proud and respected organization, and making a meaningful impact in the community.