Washington Commanders: Dan Snyder agrees to sell NFL team to Josh Harris-led group in $6 billion deal | NFL News

Josh Harris, principal owner of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils, leads a group that struck a $6 billion deal to buy the Washington Commanders; the group also includes billionaire Mitchell Rales and NBA legend Earvin “Magic” Johnson

The deal would represent a record sale for an American sports franchise

A group led by Josh Harris has reached a tentative agreement to buy the Washington Commanders for a record $6 billion (£4.8 billion) US sports franchise, US reports showed on Thursday.

Per Sportico, Commanders owner Dan Snyder and The Harris Group – which includes billionaire Mitchell Rales and NBA legend Earvin “Magic” Johnson – hope to close the deal in the coming days.

Harris is the principal owner of the Philadelphia 76ers and the New Jersey Devils.

ESPN reported last month that Snyder had received a pair of $6 billion offers, the other coming from Canadian billionaire Steve Apostolopoulos. Amazon founder Jeff Bezos, who is believed to have been part of the group, did not submit an offer, multiple news outlets reported.

The Commanders play at home at FedEx Field

The $6 billion price tag shatters the previous record sale for an American sports franchise, set last August after Walmart heir Rob Walton bought the Denver Broncos for $4.65 billion.

In August, Forbes valued the Commanders at $5.6 billion, sixth among 32 NFL teams. Snyder also owns FedEx Field and the 264-acre property surrounding it, as well as the 150-acre team headquarters in Ashburn, Virginia.

Houston Rockets owner Tilman Fertitta was also in the running to buy the club that Snyder has owned since 1999.

Dan Snyder has owned Commanders since 1999

“I’ll be frankly honest,” Fertitta told CNBC on Thursday. “I made an offer on the Washington commanders for $5.6 billion.

“That’s the value Forbes had them at, and at some point you have to draw a line in the sand on everything and that’s where we are. If they can get somebody to pay them more than that, good luck to them. … I don’t think $6 billion is the right number.”

Harris and Rales have a net worth of $5.8 billion and $5.5 billion, respectively, according to Forbes.