76ers proprietor Josh Harris and Magic Johnson announce Commanders buy

Josh Harris, co-owner of the NBA‘s Philadelphia 76ers and the NHL‘s New Jersey Devils, reported that he reached an settlement as a part of a gaggle of shareholders to accumulate the Washington Commanders from Dan Snyder, who owned the franchise for greater than twenty years. The investor group additionally consists of Mitchell Rales and Earvin ‘Magic’ Johnson.

The deal nonetheless have to be accepted by the NFL, though negotiations are a number of weeks outdated because the Snyders had reached a preliminary non-exclusive settlement to promote the franchise to Harris as early as April 14 and, although the deal was totally funded, it had not been signed.

“We’re very happy to have reached an settlement for the sale of the Commanders franchise with space native Josh Harris and his spectacular group of companions. We stay up for the early completion of this transaction and encourage Josh and the staff within the years forward,” the Snyders mentioned in a press release.

Additionally included within the deal is possession of FedEx Subject in Landover, Maryland, in addition to the staff’s apply facility in Ashburn, Virginia. Though the Commanders have been on the lookout for new area to construct one other stadium, however the presence of Snyder and investigations into him have halted the method within the final 12 months, reported ESPN, so these new buyers might unblock the state of affairs.

Along with Harris’ group, Steve Apostolopoulos, a Canadian billionaire, and Tilman Fertitta, proprietor of the NBA’s Houston Rockets, and even Jeff Bezos, proprietor of Amazon, had been fascinated by shopping for the staff, though Bezos by no means made a proper provide. One other nameless group made a suggestion for the staff after touring the ability.

Who’s Josh Harris, the brand new proprietor of the Commanders?

Harris has proximity to Washington’s NFL fan base, having grown up in Bethesda, Maryland, close to the DC space. He co-founded Apollo Administration, an asset administration agency, in 1990. His fortune is estimated at $5.8 billion, in line with Forbes.

Harris Blitzer Sports activities and Leisure additionally owns a part of the English Premier League‘s Crystal Palace FC.

Rales has a fortune estimated at $5.5 billion. Whereas Magic is a minority shareholder, he would be the pleasant face of the Commanders’ new homeowners.

“On behalf of our whole possession group…I need to categorical how excited we’re to be thought-about by the NFL as the following homeowners of the Washington Commanders and the way dedicated we’re to delivering a championship-caliber franchise for this metropolis and its fan base,” Harris mentioned.

He added, “Rising up in Chevy Chase, I skilled firsthand the thrill across the staff, together with its three Tremendous Bowl victories and long-term successful tradition. We stay up for the formal approval of our possession by the NFL.”