Commanders sale closer but not a done deal
The Commanders sale made headway late last week, as you may have heard — but a few crucial steps still remain.
Why it matters: Dan Snyder and a group led by Philadelphia 76ers co-owner Josh Harris announced a $6.05 billion deal last Friday, ending speculation over counter bids.
Driving the news: The group includes Washington-area billionaire Mitchell Rales and former NBA star Magic Johnson.
Yes, but: Before popping the champagne, the deal is still subject to approval from the NFL finance committee and a vote from league owners.
Last week, the finance committee raised some questions at a meeting and indicated they need time to scrutinize the details, the Washington Post reported.
- The deal is reportedly complex, with over a dozen limited partners in the mix.
- Besides Rales and Johnson, former Google CEO Eric Schmidt and beer billionaire Alejandro Santo Domingo are among the partners.
What they're saying: "Growing up in Chevy Chase, I experienced first-hand the excitement around the team, including its three Super Bowl victories and long-term winning culture," Harris said in a statement on behalf of his ownership group.
- Co-owners Tanya and Dan Snyder said they were "very pleased" to get to the agreement with "an area native and his impressive group of partners."
The big picture: The sale to hometown investors feeds more talk of a franchise return to RFK. That would require Congress to approve changes to the federal site’s lease, an issue that has been stalled under the divisive Snyder reign.
- Cuneyt recently broke down the pros and cons for Harris and Co. to consider when eyeing RFK.
What’s next: The league's owners meet at the end of May, but that may be too soon for a vote on the deal.
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