BREAKING: Dan Snyder agrees to $6BN sale of Washington Commanders to group led by 76ers co-owner Josh Harris, Magic Johnson
Dan Snyder has finally agreed to sell the Washington Commanders. With his future in jeopardy, the controversial owner made the decision to step away. When two $6 billion offers for the franchise came in, it was unclear who would be the next owners.
Snyder eventually chose the ownership group led by Josh Harris and Mitchell Rales. The group also features Los Angeles Lakers legend Magic Johnson.
EXCLUSIVE: Dan Snyder has reached an agreement in principle to sell the @Commanders for $6 billion to a group led by Philadelphia 76ers co-owner Josh Harris
Harris’ group, includes billionaire Mitchell Rales and former NBA star @MagicJohnson https://t.co/ZIWKqeqtmN
According to Sportico, the negotiations lasted about six months and bidders had to constantly worry about a bid from Jeff Bezos.
The Amazon founder had been linked to the club since Dan Snyder announced he was selling. He was tipped to be the next owner, but ultimately decided against it. He and his team didn't even submit a bid.
The team will now go to Harris, Rales and Johnson. After rumblings of a potential removal for Snyder, the nightmare surrounding the Commanders appears to be over.
Who are the Washington Commanders' new owners after Dan Snyder sale?
Dan Snyder has been the Washington Commanders owner since 1999. He purchased the team for $750 million. Selling the franchise for $6 billion will make him quite a profit.
Josh Harris is the co-owner of the Philadelphia 76ers, while Mitchell Rales is a successful businessman. Magic Johnson, meanwhile, is one of the greatest NBA players of all time.
How did Josh Harris make his money?
Josh Harris earned most of his money from shareholdings at Apollo Global Management, the company he co-founded in 1990.
The company took off and resulted in Harris becoming one of the wealthiest men. Now, he's using that wealth to further his sports business empire as he owns the 76ers and Commanders.
Josh Harris net worth
Unsurprisingly, Josh Harris is worth quite a lot of money. He is currently worth $7 billion.
He alone could have financed the entire bid for the Commanders, even without help from other rich parties.