This story has been updated from a previous version.
The Dan Snyder era in Washington is nearing its end.
As first reported by Sportico in April and confirmed on Friday, the beleaguered owner has reached an agreement to transfer ownership of the Commanders franchise for a whopping $6 billion, breaking the previous record of $4.65 billion set just last year when the Walton-Penner family group bought the Broncos.
According to Sportico, the group attempting to purchase the Commanders purchase is headlined by Josh Harris, a billionaire investor who already is co-owner in for the NBA's Philadelphia 76ers and NHL's New Jersey Devils franchises. The group also includes NBA legend and former Lakers executive Magic Johnson, as well as Mitchell Rales.
MORE: Why Daniel Snyder is selling Commanders
Here's everything you need to know about the group buying the Commanders:
Statement by Dan Snyder, Josh Harris
The pending transfer of ownership to Harris was confirmed on Friday in a joint statement by his group and current owners Tanya and Dan Snyder:
Josh Harris and the Commanders announced they have entered a sale and purchase agreement for the team: pic.twitter.com/LErNlk1umo
— Nicki Jhabvala (@NickiJhabvala) May 12, 2023
"We are very pleased to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners," the Snyders said in their statement. "We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years."
Said Harris:
On behalf of our entire ownership group ... 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 franchise for this city and its fanbase.
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 moving the honor to serve as responsible and accountable stewards of the Commanders franchise moving forward.
However, the sale is still pending NFL approval; according to a Wednesday report by the Washington Post, the league's finance committee expressed concern about the Harris group's bid to purchase the Commanders.
Who is buying the Commanders?
Snyder is selling the Commanders to a group headlined by businessman and investor Josh Harris but also includes the following key investors:
- Josh Harris
- Mitchell Rales
- Magic Johnson
Who is Josh Harris?
Harris, who grew up in the Washington, D.C. area, co-founded Apollo Global Management in 1990. The private equity firm had $548 billion in assets under his management from 1990 through his exit from the firm in 2022 to focus on other ventures.
He also has numerous ties to the sports world as co-owner of both the NBA's Philadelphia 76ers and NHL's New Jersey Devils. He also bought a 5 percent stake in the Steelers in 2020.
Harris, in 2011, joined Blackstone Inc. executive David S. Blitzer in a group bid to buy the 76ers franchise for $280 million. In 2013, he and Blitzer led another group purchase of the Devils for $320 million. The two founded Harris Blitzer Sports & Entertainment in 2017 to consolidate their sports ventures, which owns the following sports teams, as well as event ticketing firms and baseball-themed resorts and brands:
- Delaware Blue Coats (76ers' NBA G League affiliate)
- Utica Comets (Devils' AHL affiliate)
- Dignitas of New Meta Entertainment (esports team)
Harris previously expressed interest in buying the Broncos in 2022 before the franchise was sold to a group led by Walmart heir Rob Walton for a then-record $4.65 billion. With his purchase of the Commanders, Harris is now co-owner of three teams in America's "big four" sports. He does not have ownership of any MLB team.
MORE: Why Daniel Snyder won't sell the Commanders to Jeff Bezos
Who is Mitchell Rales?
Rales, 66, is the co-founder of Danaher Corporation, a global conglomerate — headquartered in Washington, D.C. — that designs, manufactures and markets medical, industrial, and commercial products and services.
He initially founded the company alongside brother Stephen Rales, initially naming the company Equity Group Holdings before renaming it Danaher Corporation in 1984. In 2006, Rales and his wife Emily Wei Rales opened Glenstone, an art museum in Potomac, MD displaying the Rales' collection of post-World War II art, including paintings, sculptures, and both indoor and outdoor installations.
Who is Magic Johnson?
Johnson is the most recognizable name of the Commanders' new ownership group. One of the all-time greatest players in the history of the NBA, Johnson played his entire Hall of Fame career with the Lakers from 1979 through 1996. He was a 12-time NBA All-Star, including nine times as a first-team selection. He also won five NBA championships and was three times named NBA Finals MVP.
Following his playing career, Johnson became involved in numerous business interests, including sports franchise ownership. In 2012, he led a group including Guggenheim Partners and Stan Kasten in buying MLB's Los Angeles Dodgers franchise, at the time the largest amount ever paid for a professional sports team.
Johnson also fronted a group that purchased the WNBA's Los Angeles Sparks team in 2014. He is also co-owner of the MLS franchise Los Angeles Football Club, which debuted in MLS in 2018.
Of note: Each of Johnson's biggest sports teams have won a title under his ownership: The Sparks won the WNBA championship in 2016, the Dodgers won the World Series in 2020 and Los Angeles FC won the MLS Cup in 2022.
Johnson also had a short-lived role as an executive, becoming the Lakers' president of basketball operations in February 2017. The franchise reached an agreement with free agent LeBron James on a four-year contract in 2018, but did not reach the playoffs before Johnson resigned from his role in April 2019.
MORE: Magic Johnson ownership bid for NFL Commanders, explained
Richest NFL owners by net worth
Harris is now among the richest owners in the NFL, though he still falls well short of Walton, who is the richest owner in the league at $58.2 billion.
Forbes estimates Harris' net worth to be $6 billion as of April 2023. Here's how he ranks among the other richest NFL owners:
| Rank | Owner | Team | Net worth |
| 1 | Rob Walton | Broncos | $58.2 billion |
| 2 | David Tepper | Panthers | $16.7 billion |
| 3 | Jerry Jones | Cowboys | $12.8 billion |
| 4 | Stan Kroenke | Rams | $10.7 billion |
| 5 | Robert Kraft | Patriots | $8.3 billion |
| 6 | Stephen Ross | Dolphins | $8.2 billion |
| 7 | Shahid Khan | Jaguars | $7.7 billion |
| 8 | Arthur Blank | Falcons | $6.9 billion |
| 9 | Josh Harris | Commanders | $6 billion |
| 10 | Steve Bisciotti | Ravens | $5.8 billion |
| 11 | Terry Pegula | Bills | $5.8 billion |
Jacob Camenker contributed to this report.
