Washington Commanders sale update: Magic Johnson, Sixers owner Josh Harris place $6BN bid to oust Dan Snyder as owner
Dan Snyder's days as owner of the Washington Commanders are likely numbered. The embattled owner began exploring a potential sale last year and the first official bid has come in.
The Josh Harris/Mitchell Rales group has a fully-financed $6 billion bid to be the team's next set of owners.
The Josh Harris/Mitchell Rales group, which nows includes Magic Johnson, officially has submitted a fully-financed bid that meets Dan Snyder’s $6 billion asking price, per source.
Schefter tweeted:
"The Josh Harris/Mitchell Rales group, which nows includes Magic Johnson, officially has submitted a fully-financed bid that meets Dan Snyder’s $6 billion asking price, per source."
Included in the ownership group is Magic Johnson, a former LA Lakers executive and part owner of the LA Dodgers. The sports mogul is looking to expand into the football world now.
The Commanders are valued at around $5.6 billion, so the bid from the Harris/Rales group supercedes that. With the walls closing in around Snyder, it very well may be an offer he can't refuse.
He's come under fire for toxic workplace allegations and more in the past few years and the NFL has pondered kicking him out. With a bid like this, he may finally go willingly.
The owner has been sued by countless parties over what transpired while he led the franchise.
It got so bad that fans at home games brought signs begging Snyder to sell the team. Now, that may finally be happening.
Even if this bid is accepted, which it might not be as Snyder may want to feel out the market first, it will take a while before Harris, Rales, Johnson and others take over. Nevertheless, it is a big step in the right direction for a sale.
How much did Dan Snyder buy Commanders for?
Dan Snyder has been the owner of the Washington Commanders for the past two decades. He first bought the team, which was then known as the Washington Redskins, in 1999.
His bid was for $750 million, so he's making back quite a bit of profit if he decides to sell to the Harris/Rales group for the purported $6 billion they've offered.
Part of that is due to inflation, but it's also the sheer value of sports today versus when he first came onto the scene.