NFL: Two $6 billion bids are in for the Washington Commanders

by Jacob Fuller

Rob Issa, FISM News

The Washington Commanders could soon have a new owner.

Multiple reports have claimed that two groups have submitted fully financed, $6 billion bids to purchase the Commanders from owners Dan and Tanya Snyder.

One group is led by Josh Harris and Mitchell Rales. Harris owns the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils. Rales is a billionaire who also grew up in Maryland, just outside Washington. NBA Hall of Famer Magic Johnson is also part of the group. Johnson has ownership experience with Major League Baseball’s Los Angeles Dodgers and Major League Soccer’s Los Angeles Football Club, among others.

The second group is led by Canadian billionaire Steve Apostolopoulos. He’s a native of Toronto and a Harvard grad who is the founder of a private equity venture company.

THE SNYDERS’ CHOICE

Once the Snyders accept a proposal, they must submit it to the league. The NFL has an extensive process to vet potential new ownership. Three-quarters of the owners (24) would need to approve the sale.

“When there is a transaction, they [the Snyders] will notify us and we will proceed on that one,” NFL Commissioner Roger Goodell said of the sale process.

The earliest vote could take place at the league meetings in May in Minnesota, though it’s likely the process will require more time.

THE INVESTIGATION

The Snyders hired a firm to begin the process last fall amid multiple investigations ongoing into the team’s workplace culture and finances. Snyder and the team are currently under investigation by former U.S. Attorney Mary Jo White, who was hired by the NFL.

White is examining various aspects of the organization following a congressional review into workplace misconduct that also included a referral to the Federal Trade Commission for potential business improprieties.

Goodell said Tuesday that White’s findings will be released publicly regardless of whether the Snyders sell the team.

“Mary Jo White gave a brief update on her process, and once she concludes that (investigation), we will brief the ownership and make the findings public,” Goodell said.

Dallas Cowboys owner Jerry Jones said he already knows “everything in the report.”

“Well, that would be impossible because the only person I know that knows anything about the investigation is Mary Jo White and her counterparts,” Goodell said. “Mary Jo White is a professional; she’s not giving access to anybody. I’m comfortable about that.”

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