Washington Commanders owner Dan Snyder and Josh Harris, who co-owns multiple professional sports teams, have reached an agreement on a sale of the franchise to Harris' group for an NFL-record price of $6.05 billion, NFL Network Insider Ian Rapoport reported on Thursday, per sources.
Rapoport added that the sale is not final nor signed and no agreement has been sent to the league for approval, but a finalized sale is expected if all goes well.
Any sale of an NFL franchise would need to be approved by the NFL's finance committee and at least three-fourths (24) of the league's 32 owners. The bid has been submitted to the league for review, Rapoport reported Monday, in another step closer to finalization. Owners are scheduled to meet in Minneapolis in May for the Spring League Meeting.
Harris, who co-owns the NBA's Philadelphia 76ers and NHL's New Jersey Devils and is currently a minority owner of the Pittsburgh Steelers, is the head of an investment group that includes Maryland businessman and philanthropist Mitchell Rales and NBA legend Magic Johnson.
Snyder, who, along with his wife, Tanya, has owned the Washington franchise since 1999, retained Bank of America Securities in November 2022 to explore a potential sale of the team.
The expected $6.05 billion sale price of the Commanders would be the highest in NFL history. Last year, the Denver Broncos were sold to the Walton-Penner group for a then-record $4.65 billion.
Dan Snyder and the Commanders remain the subject of an internal league investigation led by former U.S. Attorney Mary Jo White concerning allegations of workplace misconduct and potential unlawful financial conduct. In addition, the franchise recently settled lawsuits with Maryland and the District of Columbia over fans’ season-ticket deposit money.
The NFL hired White to lead the investigation in February 2022 after Snyder was accused of sexual misconduct by a former team employee during a congressional roundtable. Snyder denied the allegations.
White's investigation came after the league's initial independent investigation by attorney Beth Wilkinson's firm, which found Washington's workplace culture to be toxic. Snyder and the team were fined $10 million in July 2021, and the league said he turned day-to-day operations over to his wife, but no written report of Wilkinson's findings was released.
In 24 seasons under Snyder's ownership, the Commanders have posted a 164-220-2 record with six playoff appearances. Washington last made the playoffs following the 2020 regular season and last won a playoff game following the 2005 regular season.