After months of speculation, Dan Snyder has agreed to sell the NFL’s Washington Commanders for a record $6.05 billion to a group led by Josh Harris and Mitchell Rales that includes NBA legend Magic Johnson. While the deal has not yet been signed or sent to the NFL for approval, the group has fully financed the acquisition.
Potential Controlling Stake in Multiple Pro Sports Leagues
Harris, who currently owns the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils, would own controlling stakes in teams in three of the four major North American pro sports leagues. Rales is a co-founder of the technology company Danaher Corporation and a minority owner of the NHL’s Washington Capitals.
The price for the Commanders tops the previous record of $4.65 billion set when Walmart heir Rob Walton’s group bought the Denver Broncos last year. The completion of the sale is subject to the execution of a contract and the approval of the rest of the league’s owners, which may take place in May.
The Commanders’ Decline Since Snyder’s Acquisition in 1999
Snyder bought the team in 1999 for $750 million, but the team has since fallen far from its glory days. The new owners’ biggest immediate challenge is to build a new stadium to replace the outdated FedEx Field, which has been the team’s home since 1997.
Getting Fans Back a Major Priority for New Owners
The team’s poor on-field performance in recent years has contributed to dwindling attendance figures, which has become a significant concern for the franchise. Getting fans back is a major priority for the team, and a new stadium could help re-energize the fan base and attract new supporters.
Rebranding and Culture Change Also Possible
The sale also provides an opportunity for a rebranding and culture change for the Commanders, whose former name and logo were retired in 2020 due to their racist connotations. The new owners could choose to take a different approach to team culture and marketing, which could help to generate interest and support for the team.
Future of Snyder and His Role with the Team
It remains unclear what Dan Snyder’s future role with the team will be. The controversial owner has faced accusations of fostering a toxic workplace culture, including allegations of sexual harassment and misconduct. While the NFL conducted an investigation into these claims, Snyder was not found to have violated league policies.
However, the sale of the team suggests that Snyder is ready to move on from his role as owner. The new owners will likely have to navigate any potential lingering controversies and work to rebuild the team’s image and reputation.
Overall, the sale of the Washington Commanders for a record-breaking $6.05 billion is a significant moment for the NFL and for the franchise. With new ownership, a potential new stadium, and the possibility of rebranding and culture change, fans will be watching closely to see how the team moves forward.
