Josh Harris group nears record $6bn deal to buy NFL’s Commanders – reports

A group led by Josh Harris and Mitchell Rales that includes Magic Johnson has an agreement in principle to buy the NFL’s Washington Commanders from longtime owner Dan Snyder for a North American professional sports team record $6bn, according to a person with knowledge of the situation.

The person spoke to the Associated Press on condition of anonymity Thursday because the deal hasn’t been finalized. Another person told the AP a deal hasn’t been sent to the league for approval yet.

A Commanders spokesperson said the team was not in position to comment. The league declined to comment.

Once the deal is approved, Harris would owns stakes in teams in three of the four major North American pro sports leagues. He and David Blitzer have owned the NBA’s Philadelphia 76ers since 2011 and the NHL’s New Jersey Devils since 2013.

The news was first reported by Sportico.

This price for the Commanders shatters what Harris and Blitzer paid for those organizations and tops the previous record of $4.65bn set when Walmart heir Rob Walton’s group bought the Denver Broncos last year. Johnson, the basketball Hall of Famer who also owns part of Major League Baseball’s Los Angeles Dodgers, was also part of Harris’ bid for the Broncos.

Rales, co-founder of the Danaher Corporation and a Maryland resident, and Johnson were relatively late additions the group. Rales and Harris grew up in Bethesda in the Washington suburbs and give the team local ownership roots.

The sale of the Commanders is pending the execution of a contract and then approval from the rest of the league’s owners. It would take 24 of 32 votes to pass, which is not expected to be a problem after the Broncos sale was unanimously approved and given Snyder was beginning to fall out