The reign of terror… is finally coming to an end.
Dan Snyder and the Washington Commanders have reached an agreement in principle, to sell the franchise to Josh Harris and his group for $6 billion. The mark sets a new record for the most expensive sale in NFL history. It surpasses last year’s record of $4.65 billion set by the Walton-Penner group when they purchased the Denver Broncos.
Snyder bought the team in 1999 for $800 million.
Snyder and his wife, Tanya, a co-owner of the team, formally began a search for a buyer in November last year, when they hired Bank of America to seek offers for all or a portion of the Commanders.
Any sale of the team will require approval from three-quarters of the NFL owners of course, and a vote on final approval could possibly take place at the spring meeting in May. Interestingly, Harris’ previous bid for the Denver Broncos could speed up the approval process because of the league’s familiarity with him and his finances. The sale could be completed in time for the start of the 2023 NFL season.
Harris grew up in Chevy Chase, Md., and attended the Field School in northwest Washington. He is already the owner of the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.
NFL regulations mandate that the club must have a principal owner who owns a minimum of 30 percent of the team, so Harris will need to raise at least $1.8 billion on his own. According to Forbes, he has an estimated net worth of $6 billion, according to Forbes.
The bid reportedly includes D.C. billionaire Mitchell Rales and NBA legend Magic Johnson.
In March, Harris reigned in Rales to join his investment group. Rales has an estimated net worth of $5.6 billion, according to Forbes, and adds strong local ties to the ownership group.
Getting To this Point
The sale comes as the NFL continues its second investigation into allegations of widespread sexual harassment made against executives at the team, including Snyder. Though some executives were fired and others left in 2021 after the first allegations, Snyder urged the league to keep the specific findings private, and Commissioner Roger Goodell released only a fairly insignificant summary. This led a congressional committee to launch its own investigation into the treatment of women in the team’s front office.
This led to new claims against Snyder from witnesses, and the NFL ordered a second investigation led by Mary Jo White, a former federal prosecutor. The NFL has yet to release her findings.
There were also the “financial improprieties“. In November 2022, the U.S. attorney’s office in the Eastern District of Virginia began a criminal investigation into allegations against the team. Snyder and the team were sued by the attorneys general of Virginia and the District of Columbia. The latter case was settled, with the team agreeing to pay a $425,000 fine and refund about $200,000 in deposits to season-ticket holders.
Additionally, Snyder faced significant challenges in building a new stadium to replace the aging FedEx Field, which has been plagued by pipe leaks and other structural failings. Despite the need for a new stadium, Snyder faced resistance from politicians and community groups in the area over funding for the project.
Let’s not forget the fans. Support for the franchise is at an absolute all-time low as fans have left in droves.
The agreement will allow the NFL to begin to put the outpouring of negative publicity from Washington in the rear view mirror.
Contenders?
Canadian billionaire Steve Apostolopoulos was said to be interested, but there were apparently concerns about his ability to fund a bid that would be approved by the league.
Houston Rockets owner Tilman Fertitta reportedly submitted a bid of $5.6 billion, but was unwilling to go to the $6 billion asking price.
Amazon founder Jeff Bezos was also said to be in the running but doesn’t appear to have submitted a bid at any point. Was he just there to drive up the bidding price of the franchise? Having his name there was good for the league and may have helped Snyder – and the league – reach the $6 billion mark.
Snyder’s “Legacy”
The Commanders finished with winning records in just six of 24 seasons and won just two playoff games under Snyder – two. The losing, coupled with the creaky stadium, began to repel fans. A team that routinely played to sold-out crowds for the previous thirty years, was now ranked at the bottom of the league in home attendance in recent seasons.
Snyder’s tenure has been marked by controversy. Allegations of sexual harassment, financial improprieties, and an inability to secure a new stadium are only the latest in a long list of transgressions from the owner.
The league seeks to distance itself from a painful chapter in its history and right the future of the once popular franchise.
That is ultimately Snyder’s lasting legacy.
Killing the brand, that he has supposedly loved since childhood.
The Common Fan
From the fan perspective, Snyder sucked the life out of being a football fan. Wether you were an ardent supporter, an apologist, or just split for greener pastures long ago – being a Washington fan just became both an embarrassment, and hard work.
Constant and countless conversations about, “Why support them?”
Dozens of Mondays of wondering why on earth another weekend was wasted?
Don’t forget the money spent. Tickets. Parking. Lousy stadium experiences. Hats. Jerseys. The list goes on and on. The emptying of pocketbooks to support an organization that cared zero about it’s fans became like many nails scraping down the world’s biggest chalkboard. Yet Joe Q. WashingtonFan soldiered on.
Ultimately, there was just so little joy. Most fans hung on for dear life, for just an opportunity to feel the warmth of a tiny bit of success.
That never came.
Thanks for ruining thousands of fans’ sports existence for more than twenty years.
You will be missed by nobody.
