Washington Commanders sale could be completed next month
Photo: Mitchell Layton/Getty Images
The Washington Commanders' sale to the Josh Harris-led group is moving ahead and could be completed within the next month or two, according to reports.
Why it matters: There had been concern that Harris, who already owns the Philadelphia 76ers and New Jersey Devils, would have trouble financing the more than $6 billion purchase of the team.
Yes, but: Harris had his first meeting with the finance committee to go over their concerns and they apparently came away happy, according to news reports.
The big picture: Last month, the NFL's finance committee raised concerns at a meeting regarding the debt load and amount of equity partners and indicated they need time to scrutinize the details, the Washington Post reported.
- The deal is complex, with 20 limited partners involved, though that's still five under the max allowed.
- Harris and one his partners, Mitchell Rales, met with the committee for more than two hours.
- Besides Rales, NBA legend Magic Johnson, former Google CEO Eric Schmidt and beer billionaire Alejandro Santo Domingo are among the partners.
What's next: The finance committee still has to approve Harris' offer, then it would go to an owner vote, in which 24 would need to vote yes.
Of note: Current Commanders owner Dan Snyder first announced the deal with Harris for $6.05 billion deal last month.
- Last year, when the Denver Broncos sold to Walmart heir Rob Walton, the deal was announced in June. The owners approved the sale two months later.
What they're saying: "We're not done yet," Indianapolis Colts owner Jim Irsay said Wednesday. "But we're making progress. ... It was a good meeting."
