Dan Snyder has agreed to sell the NFL’s Washington Commanders to a group led by Apollo Global Management Inc. Co-founder Josh Harris.
In a joint statement, Snyder confirmed that Harris, along with minority owners including billionaire Mitch Rales, Blackstone Inc. Executive David Blitzer, former Google CEO Eric Schmidt, and NBA legend Earvin “Magic” Johnson, would acquire the football team.
The deal is valued at $6 billion, Bloomberg previously reported, which would be a record for a US professional sports franchise. The statement didn’t specify a price.
“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,” Snyder and his wife Tanya said in the statement.
Other members of the Harris-led ownership group include Lee Ainslie, founder of Maverick Capital, and the billionaire Santo Domingo family, according to the statement.
The consortium is committed to “delivering a championship-caliber franchise for this city and its fanbase,” Harris, 58, said in the statement. He’s worth an estimated $7.6 billion, according to the Bloomberg Billionaires Index.
Harris adds the Commanders to his portfolio of sports holdings. Through Harris Blitzer Sports & Entertainment, the duo have stakes in the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.
Individually, they also own stakes in Crystal Palace FC of the English Premier League and the NFL’s Pittsburgh Steelers. Once the Commanders purchase is finalized, they will have to sell the latter.