Daniel Snyder, owner of the scandal-plagued Washington Chiefs, has agreed in principle to sell the team to a group led by Josh Harris, owner of the Philadelphia 76ers and New Jersey Devils, in what is expected to be $6 billion. According to a person with knowledge of the deal who was not authorized to speak publicly about the contract.
The sale agreement comes as the NFL continues its second investigation into allegations of widespread sexual harassment against executives at the team, including Snyder, as well as possible financial irregularities. These accusations against Snyder’s failure to build a new stadium and the backlash from the team’s fans prompted many of the league’s owners to vote to force the team to be sold. He bought it in 1999 for $800 million.
Once Harris’ team submits the deal, the sale must be approved by the league’s finance committee and at least a quarter of the 31 team owners, which could happen within weeks. The Harris team includes a group of limited partners that includes Mitchell Ralls, a Washington, D.C.-area billionaire, and Magic Johnson.
The owners will next meet in person as a group in Minneapolis on May 22 and 23. Last June, the Walton family, founders of Walmart; He bought the Denver Broncos for $4.65 billionThat’s nearly double the previous record for an NFL team.
A spokeswoman for the commanders said she was not in a position to comment on the deal. An NFL spokesman declined to comment. A spokesman for Josh Harris declined to comment.
Snyder and his wife, Tanya, a co-owner of the team, began looking for a buyer in November 2022 when they sought offers for all or part of Bank of America. The owner of the Indianapolis Coles began offering discounts weeks later “It should be removed,” said Jim Irsay Snyder.” confirming what the owners have been saying privately for months.
In recent years, Snyder has fended off an increasing number of scandals and legal challenges. In the year In July 2020, Snyder had years of pressure, including one of his biggest sponsors, FedEx. He agreed to change the long-term name of the groupMany consider it an insult to Native Americans.
Weeks later, dozens of women accused Snyder and other top executives of sexually harassing female employees. Snyder hired a prominent Washington attorney to look into the allegations, which were detailed in the Washington Post, but the league quickly withdrew the investigation.
Sneijder has accused some of his associates of trying to defame him in an attempt to steal ownership of the team, sparking a highly contentious legal battle that has fueled allegations that Sneijder has mismanaged the club’s finances. The dispute went to a league-appointed mediator, and in the spring of 2021 the owners allow Snyder to take on $450 million in additional debt so he can buy out the three limited partners who own 40 percent of the club.
In the year In July 2021, the league fined the club a record $10 million and ordered Snyder off the team. A league-led investigation was found A culture of sexual harassment perpetuated by managers and executives continued at the team for more than a decade, and Snyder did nothing to stop it.
Even as some executives were fired and others left, Snyder urged the league to keep his specific findings private, and commissioner Roger Goodell released only a cursory summary. This prompted a congressional committee to launch its own investigation into the treatment of women in the team’s front office. Witnesses testified to new claims against Snyder. Removed more than 11 hours.
After the new allegations surfaced, the league ordered a second investigation led by former federal prosecutor Mary Jo White. The NFL has not yet released its findings.
In the year In November 2022, the U.S. Attorney’s Office for the Eastern District of Virginia A criminal investigation has been launched. The group is accused of financial irregularities. So was Snyder and his team. Accused Attorneys General of Virginia and District of Columbia. The latter case was settled, with the team agreeing to pay a $425,000 fine and refund about $200,000 in deposits to season ticket holders.
Amid legal challenges and declining public support, Snyder faces a major challenge in building a new stadium in the region to replace the aging FedEx Field, which opened in 1997. Disturbed by pipe leakage And so on. structural defects.
The Chiefs finished with winning records in six of 24 seasons and won just two playoff games under Snyder. The defeat, combined with the magnificent stadium, began to drive away the fans. The team regularly played to sellout crowds in the 1980s and 1990s, but has ranked near the bottom of the NFL in home attendance in recent seasons.
still, Forbes in 2022 It ranks the Chiefs as the eighth-most valuable team in sports, behind the NBA’s Los Angeles Lakers and Premier League Manchester Unitedthanks in large part to the NFL’s revenue sharing model and guaranteed windfall. Football Media Rights Agreements.
Jenny Vrentas Contribution reporting.
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