ASHBURN, Va. (WTKR) - Reports of a potential agreement between Dan Snyder and an investment group led by Josh Harris became reality on Friday afternoon, as the two sides announced they have agreed on deal that will see Harris and his partners take ownership of the Washington Commanders.
The two sides jointly announced that they have entered into a purchase and sale agreement. The deal is still subject to NFL approval and both sides must meet customary closing conditions, according to the release.
"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," Dan and Tanya Snyder 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's investment group includes Mitch Rales, David Blitzer and Magic Johnson. The Washington area native expressed his excitement as the deal is an NFL Finance Committee and owners' vote away from coming to fruition.
"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. "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."
Harris also noted that his group will run a world-class organization and make significant investments in the franchise both on and off the field.
Johnson, who also has ownership experience in other professional sports, including Major League Baseball and the NBA, joined Harris in expressing his excitement.
"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," the NBA legend said on Twitter. "I'm so excited to get to work on executing our vision for the Commanders and our loyal fanbase."
No figures were released in the joint statement, but reports indicate that Harris and his partners will pay $6.05 billion for the Commanders, shattering the record sale price for a North American sports franchise.
The next round of NFL owners meetings take place the week of May 22 in Minneapolis. Owners will be brought up to speed on the sale, though the deal must be approved by the NFL Finance Committee before being voted upon by the owners. When that vote does take place, 24 of the 32 owners must vote in favor of approval for the sale to officially go through.
