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Topline
Billionaire Josh Harris’ investment group closed on a $6.05 billion purchase of the Washington Commanders on Friday, one day after NFL team owners unanimously approved the sale, formally ending scandal-plagued billionaire owner Dan Snyder’s two-plus-decade run, as the team looks to bounce back from a troubled stretch mired in controversies.
NFL Commissioner Roger Goodell, left, with new Washington Commanders controlling owner Josh Harris.
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The Washington Post via Getty Images
Key Facts
Harris’ Blitzer Sports & Entertainment investment group’s $6.05 billion purchase is the most expensive in league history, topping Walmart heir Rob Walton’s $4.6 billion acquisition of the Denver Broncos last year.
The deal comes two months after the investment group announced it would purchase the Commanders, a team that’s been swamped in controversies surrounding its team name as well as allegations over sexual misconduct under Snyder’s tenure—the NFL fined Snyder $60 million on Thursday after an investigation into sexual harassment and financial misconduct allegations.
Harris, through his investment group, also owns the Philadelphia 76ers and New Jersey Devils, and purchased the Commanders alongside NBA Hall-of-Famer Earvin “Magic” Johnson and investor David Blitzer.
The group’s ownership of the Commanders—which had been renamed before the 2020 season from the Washington Redskins and played briefly as the Washington Football Team—officially begins Friday, just days before the start of training camp.
Forbes Valuation
We estimate Harris’ net worth at $6.6 billion, making him the world’s 402nd richest person.
Key Background
Snyder purchased the Commanders in 1999 for $800 million, though his tenure has been marked by poor performance and scandals—the Commanders failed to make an appearance in the NFC championship game over Snyder’s 24-year run. Snyder also faced multiple misconduct allegations, including of silencing female team employees who had accused him and other executives working for the team of sexual misconduct, according to the House Committee on Oversight and Reform. In 2021 the NFL fined the team $10 million following an internal probe led by independent counsel Beth Wilkinson into workplace culture misconduct allegations found the team acted in a “highly unprofessional manner” with a “general lack of respect in the workplace.”
Further Reading
Billionaire Josh Harris Buys Washington Commanders, Ending Dan Snyder’s Controversial Run (Forbes)
