The consortium led by Josh Harris has entered into a purchase and sale agreement with Washington Commanders owners Dan and Tanya Snyder to buy the NFL franchise.
The deal is subject to NFL approval by a vote of at least three-fourths (24) of the league's 32 owners. Team owners are scheduled to meet in Minneapolis this month (May) for the Spring League Meeting.
Last month (April), Dan Snyder agreed to sell the team to the Harris-led group for a record price of $6.05 billion.
The parties initially reached a preliminary non-exclusive agreement to conclude a sale. The deal was fully financed but not signed nor sent to the league for approval, meaning another group still had an opportunity to come in and buy the team.
The sale has now reached the final stage as the two parties officially confirmed the agreement on Friday (May 12).
Dan and Tanya Snyder said in a statement: "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.
"We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years."
Harris (pictured) is heading up an investment group that includes businessman and philanthropist Mitchell Rales and NBA legend Magic Johnson.
In a statement on behalf of his group, Harris said: "We look forward to the formal approval of our ownership by the NFL in the months ahead and to having the honor to serve as responsible and accountable stewards of the Commanders franchise moving forward.
"We look forward to running a world-class organization and making significant investments on and off the field to achieve excellence and have a lasting and positive impact on the community."
The deal will break the previous record sale for a franchise, set in August when the Walton-Penner family ownership group bought the Denver Broncos for $4.65 billion.
Harris has finally succeeded in purchasing an NFL franchise after being a finalist in the bidding for the Broncos last summer before the Walton group won out.
He already owns several US sports teams – the NBA’s Philadelphia 76ers and NHL ice hockey franchise the New Jersey Devils – through the Harris Blitzer Sports and Entertainment company.
He and partner David Blitzer also own part of English Premier League soccer club Crystal Palace.
Harris co-founded asset management firm Apollo Management and has a net worth of $5.8 billion, according to Forbes. Rales, a Washington-based billionaire has a net worth of $5.5 billion.
The deal for the Commanders also includes FedEx Field in Landover, Maryland, as well as the team's practice facility in Ashburn, Virginia.
The Commanders have been seeking a new stadium in the DC area, but it is believed that the presence of Snyder and the ongoing investigations into him and the franchise had stalled the process in the past year.
Snyder led a group that purchased the Commanders (formerly the Redskins) in 1999 for $800 million.
Last year, Snyder and his wife and co-chief executive Tanya hired Bank of America to explore selling all or part of the team amid multiple investigations over the franchise’s workplace culture and finances.
The team has been embroiled in controversy over the past three years which included allegations of sexual harassment, a federal investigation involving their head athletic trainer, and an ownership dispute and name change.
In October 2021, the US House Committee on Oversight and Reform launched its own investigation into allegations against Snyder which is ongoing. He denies the allegations.
The Commanders have lost multiple commercial partners as a result, including brewing giant Anheuser-Busch InBev. They were also forced to change their name after pressure from sponsors on the grounds that it was a derogatory and racist term.
Over the past two years, around 15 senior executives left the team for various reasons.
NFL commissioner Roger Goodell recently stated that the league will release the findings of the investigation into Snyder even if the Commanders are sold.
Snyder is being investigated by former US attorney Mary Jo White, and Goodell has maintained his stance since she began her probe in February 2022.
As well as allegations of sexual misconduct by Snyder, White is investigating financial issues.