Snyder Sells Commanders for $6.05B

Snyder Sells Commanders for $6.05B

14 April, 2023

To the delight of many-a-suffering Commanders fan, Snyder has sold his team.

According to several reports, Washington Commanders owner Dan Snyder has reached a $6 billion sale agreement to sell the franchise to a consortium led by Philadelphia 76ers co-owner Josh Harris.

The significance: If an official deal is achieved, the months of negotiations and the Snyder era of turmoil will be over. The billionaire’s 24-year tenure as owner began with high expectations in Washington, once a proud center of American football, but ended with harassment scandals staining his legacy and draining the fan base.

That would surpass the $4.6 billion that the Walton-Penner family spent last year to acquire the Denver Broncos as the biggest sum ever paid for a sports franchise.

The agreement was initially reported by Sportico. According to yesterday’s reports, Jeff Bezos decided against making a purchase.

It’s important to note that all deals require approval from the league’s owners.

In addition to Harris and Rales, the group also features former NBA player Magic Johnson.

Harris, a co-owner of the New Jersey Devils of the National Hockey League and the Prudential Center, has previously made offers to purchase the Denver Broncos and the New York Mets.
Overall, as the Commanders’ performance on the field deteriorated, scandals off the field built up and eventually shattered Snyder’s myth of invincibility.

Snyder had previously promised never to change the team’s name but eventually caved to mounting pressure.

When the organization was fined $10 million by the NFL for its toxic work environment, he stepped down from day-to-day operations in July 2021. Snyder released a statement in which he expressed regret for the “difficult, even horrific experiences while working here.”

A former cheerleader and marketing executive named Tiffani Johnston testified to Congress last year that Snyder put his hand on her thigh and tried to pull her into his limousine. In response, Snyder characterized the claims as “outright falsehoods.”

Snyder, a native of the D.C. region, bought the three-time Super Bowl winners in 1999 and called it “the most beautiful thing that’s ever happened to me.”

After that, they only managed to win two games in the postseason.

A new stadium could be built after this sale. Political leaders in the area have been hesitant to back Snyder’s proposed new stadium until now.

Snyder and the Commanders are also being looked at by former SEC chair Mary Jo White, and their findings are scheduled to be published this year.