AP sources: Snyder agrees to $6.05B sale to NFL Chiefs

Dan Snyder He has a deal to sell the NFL. Washington commanders A great price for a North American professional sports team.

leading group Josh Harris And Mitchell Ralls that Magic includes Johnson He has an agreement in principle to buy the team for a record $6.05 billion, two people familiar with the situation told The Associated Press on Thursday.

The people confirmed that the deal is fully funded, with a non-exclusive deal yet to be signed. The people asked not to be named because the deal has not been finalized.

Someone else told AP. The league declined to comment.

Once the deal is approved, Harris will have a controlling stake 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.

Harris owns a piece of the Pittsburgh Steelers that needs to be sold before he can meet the Chiefs.

The CEO’s net worth surpassed the $4.65 billion record set by Walmart heir apparent Rob Walton’s team. He bought the Denver Broncos last year. Johnson, who is part of Major League Baseball’s Los Angeles Dodgers, was a part of the Basketball Hall of Famer’s bid for Harris as well as the Broncos.

Ralls, co-founder of Danaher Corporation and a Maryland resident, and Johnson were relatively late on the team. Reels and Harris grew up in Bethesda, a suburb of Washington, and gave the team local ownership.

The Chiefs’ sale is pending contract execution and approval from the other league owners, which could happen immediately at their next meeting in Minnesota in May, but could take longer. It would need 24 of 32 votes to pass, which isn’t expected to be a problem after the sale of the Broncos was approved by one vote and Snyder began competing with the team.

Snyder bought his childhood favorite for $750 million in 1999 and said he would never sell, despite mounting criticism. That changed after several investigations by the league and Congress into workplace abuses and potential malfeasance in Washington. Congressional investigation It was found that Snyder played a role In a toxic culture.

Indianapolis Colts owner Jim Irsay in October He was the first to suggest Snyder’s “removal was warranted,” an unprecedented move. It took a three-quarter vote to make it happen. Instead, two weeks later, Snyder and his wife Tanya Bank of America Securities was hired To explore the sales of the group.

In the year It quickly became apparent that Snyders, who bought out the former minority owners in 2021, did not want to maintain a controlling interest. Canadian investor Steve Apostolopoulos and Houston Rockets owner Tilman Fertitta They were among other bidders. After early interest from Washington-area businessman Todd Boley and mortgage executive Matt Ishbia; Mann paid $4 billion instead. for the NBA’s Phoenix Suns and the WNBA’s Mercury.

Only the group led by Apostolopoulos submitted a fully funded bid.

Lawyers representing more than 40 former team employees hailed news of the settlement in principle, saying it was “the end of a long, difficult chapter” for their clients and supporters. Lisa Banks and Debra Katz welcomed the new owners and said, “We really hope that a new chapter can begin” in the company.

Harris and Ralls will soon take over a storied franchise that has seen Washington win three Super Bowls since its glory days in the 1980s and early ’90s. Under Snyder, the team made the playoffs just six times in 24 seasons, made the postseason just twice and went 166-226-2 overall.

The new owners will inherit coach Ron Rivera, who has led Washington’s football operations for three seasons. No one has a winning record.7-9 in 2020, including the NFC East title, following a first-round loss.

Their biggest challenge to the organization’s long-term future is a new stadium to replace FedEx Field, the team’s home in Landover, Maryland, which has not aged well since 1997. Virginia abandoned the stadium bill last spring as off-field controversies swirled around the team.

After Washington finished last in the league in 2022 and finished second in 2021, winning back fans is a top priority. The group named him as commander last year. Dropping the name Redskins In the summer of 2020 and going on two seasons with the Washington football team.

It was not immediately clear what latitude Harris and Rails would have to make changes of their own, if they had any interest in the team name, logo or other aspects of the design or when they took over the course.


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