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Report: Dan Snyder Reached An ‘Agreement In Principle’ To Sell The Commanders For $6 Billion

It appears that after decades of being owned by Dan Snyder, the Washington Commanders are about to have a new ownership group at the helm. According to Sportico, Snyder agreed in principle to sell the team to a collective led by Josh Harris, the founder of Apollo Global Management who is currently part of the ownership groups for the Philadelphia 76ers, New Jersey Devils, and Crystal Palace Football Club.

Sportico went on to mention that the group will spend $6 billion to acquire the team, and includes Magic Johnson.

Ian Rapoport of NFL Network reported that nothing has been finalized, but the two sides are “getting closer” to a deal that would come in at just under $6 billion.

If the team ends up being sold for $6 billion, it would eclipse the previous record for an NFL team, as the Walton-Penner Family Group acquired the Denver Broncos from the estate of Pat Bowlen last year for $4.65 billion. The news of a potential sale comes one day after it was reported that Amazon founder Jeff Bezos would not submit a bid to purchase the Commanders.

Snyder purchased the franchise in 1999, and in his 23 years at the helm, Washington has made the playoffs six times. His tenure in Washington has been filled with controversy, including allegations of sexual harassment within the franchise and, most recently, a criminal investigation into the franchise’s finances by the U.S. Attorney’s office in the Eastern District of Virginia.

Back in November, Snyder announced that he enlisted BofA Securities “to consider potential transactions,” although it was unclear whether his plan was to sell the team outright or just sell a minority stake.