Josh Harris finalizes purchase of Washington Commanders

Billionaire Josh Harris has put the finishing touches on a deal to buy the Washington Commanders with the help of a group Friday.

The previous owners, Dan and Tanya Snyder, agreed to sell their ownership for $6.05 billion. The purchase is now subject to approval from the NFL, according to sources cited by ESPN.

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The Snyders had reportedly been “holding out for $7 billion” for the NFL franchise, but they still received a record-high amount. The purchase by Harris’s group, which included NBA star Magic Johnson, won’t be made official until sometime between May 22 and May 24.

“I could not be more excited to be a partner in the proposed new ownership group for the Washington Commanders,” Johnson tweeted.

“Josh Harris has assembled an amazing group who share a commitment to not only doing great things on the field but to making a real impact in the DMV community. I’m so excited to get to work on executing our vision for the Commanders and our loyal fanbase!” he added.

“We are very pleased to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners,” the Snyders said in a statement. “We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years.”

Harris previously tried to purchase the Denver Broncos in 2022 to no avail. He was outbid by a group led by billionaire Walmart heir Rob Walton. The group’s bid was $4.65 billion. The NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils are also in Harris’s portfolio.

“Growing up in Chevy Chase, I experienced first-hand the excitement around the team, including its three Super Bowl victories and long-term winning culture,” Harris said in a statement.

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“We look forward to the formal approval of our ownership by the NFL in the months ahead and to having the honor to serve as responsible and accountable stewards of the Commanders franchise moving forward,” he continued.

The new owner is the co-founder of Apollo Global Management and general partner of the English Premier League’s Crystal Palace Football Club, as well as a limited partner in the Pittsburgh Steelers.