Dan Snyder has reached an agreement in principle to sell the Washington Commanders for $6 billion to a group led by Philadelphia 76ers and New Jersey Devils’ owner Josh Harris according to a report by Sportico. The group includes billionaire Mitchell Rales and NBA Hall of Famer Magic Johnson.
The $6 billion price tag would be the most ever paid for professional sports franchise. The deal is not done. The bid must still be submitted and approved by the NFL.
Harris, 58, is a private equity investor and philanthropist who was born in Chevy Chase, Md. In addition to being the majority owner of the Sixers and Devils, Harris is the general partner for Crystal Palace in the English Premier League and is a minority owner of the Pittsburgh Steelers. Harris was a finalist to buy the Denver Broncos last year.
Rales, 66, is a Whitman High School alum. He founded Danaher Corporation and its the founder of the Glenstone museum in Potomac.
Snyder has owned the Commanders since 1999 and has been embroiled in many personal and franchise-related controversies over the years. An investigation of Snyder by the NFL is still pending. It is not clear how or if a potential sale would effect the investigation.
