Commanders sale complete as Magic Johnson's record-breaking deal approved
The sale of the Washington Commanders to a group led by Josh Harris and featuring NBA icon Magic Johnson has been officially approved.
On May 12, it was announced that a deal had been agreed for the NFL franchise to be sold to a consortium led by Johnson. The 12-time NBA All-Star is part of a group that is led by Josh Harris and the Harris group, which has now been officially approved by NFL owners.
Harris is also the co-owner of NBA franchise the Philadelphia 76ers, with the deal first being announced by the Commanders’ now-former owners Dan and Tanya Snyder. It’s been reported that the deal to complete the sale of the NFC East franchise is worth $6 billion.
In the process, the sale has become the most expensive fee for a sports team in history. It comes at the same time that Premier League giants Manchester United are in the process of potentially being sold by the Glazer family.
The deal was unanimously approved by NFL owners at a special meeting in Minneapolis. In a statement, NFL Commissioner Roger Goodell said: “Congratulations to Josh Harris and his impressive group of partners.
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"Josh will be a great addition to the NFL. He has a remarkable record in business, sports, and in his communities. The diverse group that Josh has put together is outstanding for its business acumen and strong Washington ties and we welcome them to the NFL as well.
“I met Josh several years ago, prior to his acquisition of an interest in the Steelers and have been fortunate to get to know him better over the past few months. I know he has a commitment to winning on the field, but also to running an organization that everyone will be proud of -- and to making positive contributions in the community."
Magic Johnson is part of the consortium completing a takeover of the Washington Commanders (Dean Mouhtaropoulos/Getty Images)The Snyder family had been the owners of the Commanders since purchasing the team back in 1999. The deal was completed for $800 million, which at the time made the team the most valuable sports franchise in the world.
During their time as owners, the Commanders did not manage to win a championship, and had not made it to any Super Bowl. the best season came in 2005, when the team reached the divisional round of the NFL play-offs, before losing to the Seattle Seahawks.
"On behalf of our entire ownership group - including Mitch Rales, my long-time sports business partner David Blitzer and Earvin Magic Johnson - I want to express how excited we are to be considered by the NFL to be the next owners of the Washington Commanders and how committed we are to delivering a championship-caliber for this city and its fanbase," a statement from Harris read on May 12, when the deal was first announced.
Josh Harris, Philadelphia 76ers owner, is leader of the consortium which features Magic Johnson (AP)"Growing up in Chevy Chase, I experienced first-hand the excitement around the team, including its three Super Bowl victories and long-term winning culture. We look forward to the formal approval of our ownership by the NFL in the months ahead and to having the honour to serve as responsible and accountable stewards of the Commanders franchise moving forward.
"Thank you to Tanya and Dan Snyder and the staff of the Commanders for their partnership and cooperation throughout the sale process. In addition to Mitch, David and Magic our extraordinary ownership group includes - local business leader Mark Ein, Lee Ainslee, Eric Holoman, Michael Li, owner of Range Group, the Morgan family, owner of Morgan Properties, the Santo Domingo family, Michael Sapir, co-founder and CEO of ProShares, Eric Schmidt, former Google CEO and executive chair and Andy Snyder among others.
"Together these individuals and families have the collective resources and shared commitment to support our vision for the Commanders. We are looking forward to running a world-class organisation and making significant investments on and off the field to achieve excellence and have a lasting and positive impact on the community."
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