Transactions News & Rumors

APRIL 16: The fact that Snyder’s agreement with Harris is a non-exclusive one could be a factor as the sale of the Commanders nears its conclusion. Per Darren Haynes, Laura Wainman, and Erin Spaht of WUSA9, Washington, D.C. native Brian Davis has made a $7 billion cash bid to purchase the club. Davis would become the NFL’s first Black owner if his bid were to accepted.

The WUSA9 trio add that Davis is willing to indemnify Snyder — meaning he would assume any legal liability stemming from the investigations currently surrounding Snyder — and would pay the first $1 billion within 24 hours. The remaining $6 billion would be paid out within a week.

It is easy to see the appeal of such a proposal, and as of Thursday evening, Bank of America — which is handling the the sale offers — was still in communication with Davis.

APRIL 13, 7:15pm: The finish line appears in sight as Snyder has reportedly reached an agreement with Harris’ group to sell the team for $6.05 billion, according to Rapoport of NFL Network. Rapoport tempers the excitement a bit by pointing out that the agreement is not exclusive, meaning another bidder could theoretically still come in and bid higher for the franchise. The deal has been agreed to but is not yet official. Barring any snags in the process, however, Harris is expected to become the next owner of the Washington Commanders.

2:58pm: Harris looks to have increased his offer. The NBA and NHL owner submitted a $6.05 billion bid for the Commanders, Rapoport reports (on Twitter). This is expected to be the winning bid for the franchise. No papers have been signed just yet, and Adam Schefter of ESPN.com reports (via Twitter) Apostopoloulos is not completely out of the running. But Harris appears on the cusp of buying the team from Snyder.

This can be classified as a preliminary agreement, according to the Washington Post, and the Commanders are close to becoming the first American sports franchise to sell for more than $5 billion. This approximately $6 billion price will smash the record the Broncos set last year. Walton’s Denver offer obliterated the previous NFL record; Harris’ bid will be worth nearly triple what Tepper paid to acquire the Panthers in 2018.

12:48pm: Apostolopoulos has not bowed out of the pursuit yet. The Canadian billionaire real estate developer is believed to be in a “head-to-head race” with Harris, according to ESPN.com’s John Keim. Apostolopoulos joined Harris, Houston Rockets owner Tillman Fertitta and an anonymous group in bidding on the team.

Citing a recent Forbes valuation, Fertitta bid $5.6 billion as well, Jhabvala adds (Twitter link). Harris is not planning to increase his bid, and Fertitta does not sound like he will move much higher. No NFL vote on either Harris or Apostolopoulos will likely be held, per Keim, until the next round of owners’ meetings, which are set for May 22-24 in Minneapolis. But it does not appear the Commanders’ next owner is known just yet.

12:15pm: Less than 24 hours after reports indicated Jeff Bezos did not plan to bid on the Commanders, a sale is near the finish line. Josh Harris and Dan Snyder are nearing an agreement, Ian Rapoport of NFL.com reports (on Twitter).

Harris, who owns the Philadelphia 76ers and New Jersey Devils, bid $5.6 billion for the franchise, Mark Maske and Nicki Jhabvala of the Washington Post report. No terms have been submitted to the league, and Harris’ prospective purchase will still need to be approved by at least 24 NFL owners. Snyder has not informed the NFL he is selling just yet, but Maske adds (via Twitter) the hope is an agreement will be reached in the coming weeks. The approval part of a deal is expected to be a formality, with Harris having been vetted during his run at buying the Broncos last year.

This process, which began late last year when Snyder hired a firm to explore selling the team after 23 years as owner, looks to be close to the goal line. Sportico reports Snyder and Harris have agreed in principle (Twitter link). Harris’ ownership group includes NBA legend Magic Johnson and billionaire Mitchell Rales.

Snyder, 58, bought the franchise in 1999 for $800MM. Snyder’s ownership tenure has been roundly criticized, and scandals have engulfed him for years. The repeated investigations into workplace misconduct and financial impropriety moved a possible vote to remove Snyder from his post onto the radar. A sale, however, has always been the NFL’s preferred outcome. No owner has ever been voted out. Instead, Snyder looks to be stepping away on his own. Further pointing to an NFL exit, Dan and Tanya Snyder have since named England as their usual place of residence.

The embattled owner had insisted for years he would never sell the team. But investigations — including two by the NFL and one by the House Oversight Committee — overshadowed the final years of his tenure. A 2022 ESPN report that indicated Snyder had hired firms to collect dirt on some of his fellow owners, along with Roger Goodell, emerged just before sale rumors began. Snyder denied having done so, but sale rumors surfaced shortly after that denial.

Mary Jo White’s investigation is ongoing, but that probe — one that will lead to a written report of the findings, as opposed to the 2021 investigation which did not produce a report — is believed to be nearing a conclusion. Snyder, whom the NFL fined and handed a de facto suspension at the end of its initial probe, had previously demanded indemnification to protect him against further repercussions. Owners have shot down that demand.

From 1972-91, Washington appeared in five Super Bowls and won three. During Snyder’s ownership, the team has never advanced to the playoffs in consecutive years and has won 10 games in a season only three times. Snyder’s ownership tenure has never produced more than 10 wins in a season. Front office, coaching and quarterback instability have plagued the team. Should Harris indeed take over, his restoration task will dwarf the ones David Tepper or Rob Walton needed to complete.

Walton outbid Harris for the Broncos, but the latter remained on the ownership radar. He joined Canadian billionaire Steve Apostolopoulos in submitting record-setting bids late last month. Harris, 58, will end up paying over a billion more for the Commanders than Walton paid for the Broncos (an American sports-record $4.65 billion), but the NBA and NHL owner has moved close to entering the country’s most popular sports league.

Harris is a Chevy Chase, Maryland, native who bought the Sixers in 2011. His ownership group acquired the Devils two years later. Harris also owns English Premier League franchise Crystal Palace. In June 2020, Harris purchased a stake ($140MM, approximately 5%) of the Steelers. Tepper also bought an NFL team after having been a Steelers minority owner. Like Tepper, Harris will need to sell that stake before taking over in Washington.

The Oversight Committee’s investigation into Snyder and the Commanders wrapped late last year. Its report accused Snyder of permitting and participating in a longtime toxic workplace culture. Snyder is believed to have leaked the emails that led to Jon Gruden‘s Raiders exit, and the Committee accused the NFL in assisting the Washington owner in preventing the 2021 Beth Wilkinson probe from producing a written report. The forthcoming White report likely represents the next shoe to drop for Snyder, who is also being investigated by the office of Virginia’s attorney general. A lawsuit from the D.C. attorney general, one that also included the NFL, has accused Snyder of “colluding to deceive and mislead customers.”