Dan and Tanya Snyder have agreed to sell the Washington Commanders to an investment group led by Josh Harris, the two sides announced Friday, leaving only the NFL to sign off on the $6 billion sale.
The two sides had reached a tentative agreement a month ago, but the non-exclusive deal gave Snyder the option to continue seeking other bidders or even pull out.
On Friday, Harris and his group announced they had entered into a purchase and sale agreement, subject to NFL approval.
“We are extremely pleased to have reached an agreement to sell the Commanders franchise with Josh Harris, a local native, and his impressive group of partners,” Tanya and Dan Snyder said in a joint statement. “We look forward to the speedy completion of this transaction and to keeping our fingers crossed for Josh and the team in the years to come.”
In a statement on behalf of his ownership group, which includes Magic Johnson, Harris said, “We look forward to the formal approval of our ownership by the NFL in the coming months and to the honor of serving as responsible and accountable stewards of the NFL. “Commanders franchise moves forward.”
The announcement comes two days after the league’s finance committee met in New York to evaluate the details of the deal. The entire contingent of NFL owners could be briefed on the agreement at their May 22-23 meeting in Minneapolis and vote on the deal in the coming months.
In recent weeks, the Snyders had sought protection from the league’s pending investigation, which was being led by Mary Jo White, who has been hired by the NFL to investigate allegations of financial crimes and sexual harassment at the club. The NFL has not announced a timeline for the release of this report.
However, according to a person with knowledge of the agreement, who was not authorized to speak publicly about its details, Harris has not agreed to protect the Snyders from league penalties that may result from the NFL’s investigation into allegations of sexual harassment. The league has also not agreed to compensate Snyder, according to another person with knowledge of the agreement.
Prosecutors in the District of Columbia and Virginia also have open investigations into the team.
Harris, whose investment group already owns the NBA’s Philadelphia 76ers, the NHL’s New Jersey Devils and part of the English Premier League’s Crystal Palace, rallied an even larger group of investors to buy the Commanders, who are worth far more than they are other three clubs together.
His group includes David Blitzer, Mitchell Rales and Johnson.